Mastercard announced on Thursday that its Multi-Token Network (MTN), a payment service platform built on a private blockchain, has integrated with J.P. Morgan's blockchain infrastructure Kinexys (formerly Onyx). This collaboration aims to streamline B2B cross-border payments by offering "greater transparency, faster settlement speeds, and reduced time-zone friction."
Key Integration Features
- Single API Access: Clients of both MTN and Kinexys can now settle B2B transactions via a unified API, combining MTN’s connectivity with Kinexys Digital Payments.
- Enhanced Efficiency: The partnership targets frictionless corporate payments through blockchain-based solutions.
Naveen Mallela, Co-Head of J.P. Morgan’s Kinexys, remarked:
"At Kinexys, we believe our solutions can transform digital global commerce by providing commercial banking payment rails that natively integrate with any digital marketplace or platform, elevating the value proposition of commercial trading venues."
Milestones and Testing
- MTN Platform: Launched mid-2023, MTN has onboarded multiple banks to pilot tokenized bank deposits, stablecoins, and CBDCs.
- Kinexys Expansion: Earlier this month, J.P. Morgan revealed plans to integrate Kinexys with its forex services for on-chain FX settlements, starting with USD/EUR in Q1 2025.
👉 Explore how blockchain is revolutionizing cross-border payments
FAQs
Q: How does MTN improve B2B payments?
A: MTN leverages blockchain to enable faster settlements, reduce intermediaries, and enhance transparency for corporate transactions.
Q: What currencies will Kinexys support initially?
A: USD and EUR, with plans to expand to additional currencies post-launch.
Q: When will the integrated forex services go live?
A: Expected in Q1 2025, allowing near-instant FX trades via J.P. Morgan’s global forex platform.
Future Outlook
This partnership signals growing institutional adoption of blockchain for enterprise-grade payment solutions, merging Mastercard’s scalable network with J.P. Morgan’s institutional liquidity.