30s Summary

Mastercard and JPMorgan have partnered to produce a solution for global business payments utilising Mastercard’s Multi-Token Network (MTN) and JPMorgan’s Kinexys Digital Payments. This partnership a will simplify and expedite the payment process, even across different time zones. The MTN, which comprises tools based on blockchain technology, now works synergistically with Kinexys for quicker transfers. Kinexys was initially named Onyx and introduced in 2020, being the first bank blockchain platform to utilize JPM Coin, a cryptocurrency tied to the dollar.

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Mastercard has teamed up with JPMorgan to create a new solution for sending and receiving global payments for businesses. If you’re using both Mastercard’s Multi-Token Network (MTN) and JPMorgan’s Kinexys Digital Payments, you can now handle transactions all in one place.

Thanks to MTN teaming up with Kinexys, your payments will be able to roll out faster, even when different time zones are involved. Plus, things will be simpler and faster to settle.

Naveen Mallela, a big shot at Kinexys by J.P. Morgan, said something along the lines of “A lot of the value of businesses comes from having your own bank payment methods that can connect with any digital marketplace.”

MTN has a whole set of tools based on blockchain that now work with Kinexys Digital Payments for super-quick transfers.

Raj Dhamodharan, a top player in Mastercard who deals with blockchain and digital assets, was like, “Both Mastercard and Kinexys by J.P. Morgan have been pushing boundaries in the world of digital asset and business stuff. So, we’re pretty pumped about this new collaboration.”

Kinexys Digital Payments dropped in 2020 under the name Onyx, which was the first blockchain platform by a bank that used the JPM Coin, a cryptocurrency linked to the dollar. It pissed off the crypto community at first, but financial institutions grew to love it.

Goldman Sachs was one of the first to use JPM Coin, and a bunch of banks in India and the Middle East soon caught on. The platform expanded to include payments in Euros mid-2023 and saw a daily transaction volume of a billion dollars by October that year. In fact, that number has now doubled to two billion dollars daily according to JPMorgan.

In November, Onyx got a new name, Kinexys. JPMorgan also decided at the same time to mesh Kinexys with JPMorgan FX Services to allow for foreign exchange settlements on blockchain, initially dealing with the US dollar and euro.

Mastercard announced they were testing the MTN in June 2023. Fast forward to May 2024, they and Standard Chartered Bank in Hong Kong ran a test that put carbon credits on blockchain within the Hong Kong Monetary Authority Fintech Supervisory Sandbox. Before that, MTN had experimented with using digital currencies backed by central banks with Australia’s Reserve Bank.