Mastercard announced on Thursday that its payment service platform "Multi-Token Network" (MTN) built on a private chain has connected to JPMorgan Chase's blockchain infrastructure Kinexys (formerly known as Onyx ), this cooperation aims to improve the efficiency of cross-border payments between businesses (B2B), "provide higher transparency and faster settlement speed, and reduce time zone friction."
The two companies said in a joint statement that by integrating Mastercard's MTN connectivity capabilities with the Kinexys Digital Payments system, joint customers of MTN and Kinexys will be able to settle B2B transactions through a single API. Naveen Mallela, co-head of Kinexys at J.P. Morgan, said:
"At Kinexys, we believe our solutions can play a transformative role in the ecosystem of digital global commerce and digital assets, by providing commercial banking payment channels that can be natively integrated with any digital market or platform, enhancing the efficiency of commercial transaction venues. Value proposition.
Mastercard said that since launching the MTN platform in mid-2023, it has invited a number of banks to join in testing the use of tokenized bank deposits, stablecoins and central bank digital currencies (CBDC).
JPMorgan Chase announced earlier this month that its Kinexys digital payment system is integrating with the company’s foreign exchange services to enable on-chain foreign exchange settlements, initially supporting U.S. dollar and euro settlements, with plans to expand to more currencies. The bank's clients will be able to "execute near-instant FX trading and settlement by connecting to J.P. Morgan's global FX platform" as early as the first quarter of 2025.
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