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Mastercard, the global fintech giant, and JPMorgan are working together to improve business-to-business (B2B) cross-border payments using blockchain technology. They will combine Mastercard’s Multi-Token Network (MTN) with JPMorgan’s Kinexys Digital Payments Unit. According to the announcement, this partnership aims to make international transactions more efficient, transparent, and faster.
<h2 id="b-benefits-of-mastercard-and-jpmorgan-s-partnership-b">Benefits of Mastercard and JPMorgan’s Partnership</h2>
This collaboration aims to solve common problems in cross-border payments, like slow settlements and issues caused by different time zones. By using blockchain technology, the integration will create a smooth payment process that reduces complications and improves the overall experience for businesses worldwide.
Furthermore, this partnership combines Mastercard MTN’s connectivity with Kinexys Digital Payments. This lets clients make payments through a single API. The system allows businesses to process payments faster and more efficiently without the hassle of managing multiple payment systems. Most importantly, the blockchain system will improve transparency by showing real-time transactions.&nbsp;
Raj Dhamodharan, head of digital assets at Mastercard, highlighted the importance of their partnership. He stated that blockchain can create real-world value by fixing key problems in traditional financial systems. The Kinexys team at JPMorgan also expressed hope about the collaboration, mentioning that it could improve B2B payment efficiency.
<h2 id="b-mastercard-expands-the-start-path-blockchain-program-b">Mastercard Expands the Start Path Blockchain Program</h2>
Recall that <a href="https://thecoinrise.com/mastercard-expands-the-start-path-blockchain-program-with-five-new-startups/" rel="noopener noreferrer nofollow">Mastercard announced the addition of five new startups</a> to its Start Path Blockchain and Digital Assets program on May 15. The Start Path Blockchain and Digital Assets program is a fintech accelerator focused on identifying and nurturing innovative blockchain and digital asset startups.
Among the new additions to the Mastercard program are Kulipa, a crypto payment and card issuer, Paraffin, a blockchain software firm; and Peaq, a decentralized physical infrastructure network (DePin) firm. Other additions include Triangle, a data platform, and Venly, a blockchain developer. Mastercard emphasized that this program explores specific use cases and trials, <a href="https://thecoinrise.com/mastercard-debuts-an-accelerator-program-with-a-web3-twist/" rel="noopener noreferrer nofollow">addressing real-world problems</a>.
<h2 id="b-kinexys-a-scalable-blockchain-powered-solution-b">Kinexys: a Scalable Blockchain-Powered Solution</h2>
Kinexys, JPMorgan’s private blockchain platform,<a href="https://thecoinrise.com/jpmorgans-onyx-reveals-solid-user-protection-mechanism-in-project-guardian/" rel="noopener noreferrer nofollow"> has evolved from its early days as Onyx</a>, experiencing impressive growth since its launch. Kinexys is positioning itself as a leader in blockchain-based financial operations.&nbsp;
The network has over $2 billion in daily transactions and a total notional value of over $1.5 trillion. The platform is on track to handle even larger volumes as its capabilities expand to more currency pairs.
Likewise, Kinexys will simplify liquidity management and reduce risks by allowing clients to make international transactions at any time. With partners like Siemens, BlackRock, and Ant International, JPMorgan will create a robust multi-chain system for instant transactions. The <a href="https://thecoinrise.com/jpmorgan-rebrands-its-onyx-blockchain-platform-to-kinexys/" rel="noopener noreferrer nofollow">first phase of this initiative</a> will focus on dollar-euro settlements. However, pending regulatory approval, JPMorgan plans to add more currencies like the British pound.
The post <a href="https://thecoinrise.com/mastercard-and-jpmorgan-to-boost-cross-border-payments-with-blockchain/" rel="noopener noreferrer nofollow">Mastercard and JPMorgan To Boost Cross-Border Payments With Blockchain</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Mastercard and JPMorgan To Boost Cross-Border Payments With Blockchain

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