CORRECTION (Nov. 21, 19:14 UTC): Corrects headline to say the partnership is for cross-border payments. A previous version of the story said it was fo

Mastercard and JPMorgan Link Up to Bring Cross-Border Payments on the Blockchain

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2024-12-12 02:00:03

CORRECTION (Nov. 21, 19:14 UTC): Corrects headline to say the partnership is for cross-border payments. A previous version of the story said it was for FX. Removed fourth paragraph about FX settlement on blockchain and clarified details of Kinexys rebranding.

Mastercard (MA) has connected its blockchain-based system for shifting tokenized assets, the Multi-Token Network (MTN), with JPMorgan’s (JPM) recently rebranded digital assets business Kinexys (formerly known as Onyx).

The collaboration is to enhance B2B cross-border payments, the companies said in a press release on Thursday, “providing greater transparency and faster settlement as well as reducing time zone friction.”

The payments giant said it has invited a number of banks onto its MTN when the platform emerged in mid-2023 with a view to testing out tokenized bank deposits, the use of stablecoins and central bank digital currencies (CBDC). Mastercard’s token network is working specifically with the JPMorgan’s Kinexys Digital Payments, which was formerly known as JPM Coin.

The firms said in a joint statement that by integrating Mastercard MTN's connectivity with Kinexys Digital Payments, mutual customers of MTN and Kinexys will be able to settle B2B transactions through a single API.