Mastercard and J.P. Morgan team up for better blockchain payments

Mastercard and J.P. Morgan Enhance Cross-Border Business Payments Efficiency

Mastercard's Multi-Token Network has partnered with J.P. Morgan's Kinexys Digital Payments to streamline cross-border business-to-business transactions.

This collaboration provides mutual customers with a single application programming interface (API) for seamless settlement. The integration combines Mastercard's blockchain-powered MTN platform with Kinexys, J.P. Morgan's payment rail for real-time, multicurrency transactions.

Kinexys leverages blockchain technology for direct, near-instant transfers between commercial bank accounts. This partnership addresses challenges in cross-border payments, such as delays, time zone discrepancies, and limited transparency.

Mastercard's Multi-Token Network

Mastercard's MTN allows businesses to create innovative financial solutions. Through the integration with Kinexys, companies can automate payment processes, optimize liquidity, and reduce operational costs.

Benefits for Businesses

For companies with frequent international transactions, the ability to settle payments 24/7, including on banking holidays, offers a competitive edge.

Executives emphasized the partnership's potential to transform digital commerce. Naveen Mallela, Co-Head of Kinexys, said the collaboration "marks a pivotal moment in integrating traditional bank payment rails with digital marketplaces."

This partnership reflects the increasing adoption of blockchain technology by financial institutions to modernize payment systems and provide faster, more cost-effective solutions for businesses.