Bank

Radar

Onyx

Standard

Reserve

Mastercard and JPMorgan have joined forces for a new business-to-business cross-border payment solution. Mutual customers of Mastercard’s Multi-Token Network (MTN)&nbsp;and JPMorgan’s Kinexys Digital Payments will now be able to settle transactions through a single application programming interface (API) integration.
<h2 id="mtn-connects-with-kinexys">MTN connects with Kinexys</h2>
Through the MTN and Kinexys collaboration, MTN aims to expand payment availability, address “time zone friction,” and improve transparency and settlement speed.
“The value proposition of commercial transaction venues is enhanced by the availability of commercial bank payment rails that can natively integrate with any digital marketplace or platform,” Kinexys by JPMorgan co-head Naveen Mallela <a data-ct-non-breakable="null" href="https://www.mastercard.com/news/press/2024/november/mastercard-s-mtn-connects-to-j-p-morgan-s-kinexys-digital-payments-for-settlement/" rel="null" target="null" text="null" title="null">said</a> in a statement.
MTN offers a suite of blockchain-based tools that will take advantage of Kinexys Digital Payments’ payment rail for real-time transfers. Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets, explained: 
<blockquote>
 “For years, both Mastercard and Kinexys by J.P. Morgan have been committed to innovating for the future of digital asset and commercial infrastructure. […] We are excited about this integration and the new use cases it will bring to life.”
</blockquote>
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 Source: <a data-ct-non-breakable="null" href="https://x.com/RadarHits/status/1859209097783976325" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/RadarHits/status/1859209097783976325">Radar</a>
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/visa-mastercard-wallet-crypto-exchange" rel="null" target="null" text="null" title="null">Visa and Mastercard: A boon for wallet holders, a threat to crypto exchanges?</a>
<h2 id="kinexys-has-big-plans">Kinexys has big plans</h2>
Kinexys Digital Payments <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jpmorgan-s-stablecoin-finally-sees-commercial-light-of-day" rel="null" target="null" text="null" title="null">originated in 2020</a> as Onyx, the first bank-led blockchain platform powered by the dollar-pegged JPM Coin. It was designed for cross-border transfers. The coin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ordinary-stablecoin-or-xrp-killer-what-we-know-about-jpmorgan-chases-new-cryptocurrency" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ordinary-stablecoin-or-xrp-killer-what-we-know-about-jpmorgan-chases-new-cryptocurrency">initially rankled the crypto</a> community, but it found a ready market among financial institutions.
Goldman Sachs <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/goldman-sachs-to-utilize-jpm-coin-for-repo-trades" rel="null" target="null" text="null" title="null">was an early adopter</a> of JPM Coin, and central and commercial banks in India and the Middle East soon followed suit. The platform was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jp-morgans-jpm-coin-introduces-euro-denominated-payments" rel="null" target="null" text="null" title="null">expanded to euro-denominated</a> payments in June 2023 and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jp-morgan-coin-1-billion-dollars-in-daily-transactions" rel="null" target="null" text="null" title="null">saw $1 billion in daily</a> transactions by October of that year. According to JPMorgan, that figure has since risen to $2 billion daily.
Onyx’s rebranding to Kinexys <a data-ct-non-breakable="null" href="https://www.jpmorgan.com/insights/payments/payment-trends/introducing-kinexys" rel="null" target="null" text="null" title="null">was announced on Nov. 6</a>. At the same time, JPMorgan said it would integrate Kinexys with JPMorgan FX Services to enable onchain foreign exchange settlements, beginning with the US dollar and euro.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jpmorgan-s-onyx-to-industrialize-blockchain-pocs-from-project-guardian" rel="" target="_self" text="null" title="https://cointelegraph.com/news/jpmorgan-s-onyx-to-industrialize-blockchain-pocs-from-project-guardian">JPMorgan’s Onyx to industrialize blockchain PoCs from&nbsp;Project Guardian</a>
Kinexys also <a data-ct-non-breakable="null" href="https://www.jpmorgan.com/kinexys/documents/JPMC-Kinexys-Project-Epic-Whitepaper-2024.pdf" rel="null" target="null" text="null" title="null">released</a> a white paper detailing a proof-of-concept of its onchain enterprise privacy, identity and composability on Nov. 6.
Mastercard&nbsp;<a data-ct-non-breakable="null" href="https://www.mastercard.com/news/latin-america/en/newsroom/press-releases/pr-en/2023/june/mastercard-announces-multi-token-network-mtn-to-scale-and-secure-blockchain-technology/" rel="null" target="null" text="null" title="null">announced</a>&nbsp;it was testing the MTN in June 2023. Its first live test occurred in May 2024, when Mastercard and Standard Chartered Bank Hong Kong <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mastercard-standard-chartered-test-hong-kong-sandbox" rel="null" target="null" text="null" title="null">ran a proof-of-concept</a> pilot that tokenized carbon credits within the Hong Kong Monetary Authority Fintech Supervisory Sandbox.
MTN had earlier <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mastercard-announces-successful-wrapped-cbdc-blockchain-trial-results" rel="" target="_self" text="null" title="https://cointelegraph.com/news/mastercard-announces-successful-wrapped-cbdc-blockchain-trial-results">tested the use of wrapped</a> central bank digital currencies with the Reserve Bank of Australia.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-dominance-crypto-predictions-bull-run-benjamin-cowen-hall-of-flame/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/bitcoin-dominance-crypto-predictions-bull-run-benjamin-cowen-hall-of-flame/">Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame</a>

Mastercard, JPMorgan integrate blockchain payment solutions

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