Mastercard and JPMorgan are working together to power B2B cross-border payments with faster payments and increased transparency. Mastercard's multi-token network will be integrated with JPMorgan's Kinexys Digital Payments (previously known as Onyx) to power cross-border payments.
Mastercard and JPMorgan are working together to provide customers with faster, more transparent cross-border payments. The service is made possible through the integration of Mastercard's Multi-Token Network (MTN) and JPMorgan's recently rebranded digital payments network Kinexys (formerly Onyx).
“By integrating the power and connectivity of Mastercard's MTN with Kinexys Digital Payments, Mastercard's executive vice president of blockchain and digital assets, Raj Damodaran, will increase speed and connectivity across the value chain. This will improve payment functionality.” . We are excited about this integration and the new use cases that will be realized by leveraging the strengths and innovations of both organizations. ”
Further promotion of tokenization
Mastercard's Multi-Token Network is a blockchain-based network for tokenized bank deposits, stablecoins, and CBDCs. The global payments company piloted the network by inviting UK banks to test tokenized deposits in June 2023.
Meanwhile, JP Morgan's Kinexys is a payments platform that enables the tokenization of real-world assets, facilitates digital payments, and enables cross-border payments.
The rise of these networks and platforms by both major financial companies symbolizes the industry's broader push towards blockchain-based financial systems with multi-asset support, fast transaction speeds and settlement times, and strong compliance and AML capabilities. I'm doing it.
Mastercard's MTN gives banks access to 24/7 real-time interbank payments powered by Mastercard's private blockchain network. Other market participants can also simplify processes such as purchasing carbon credits and unifying financial and compliance standards.
The network also settles transactions on public blockchains, private bank payment networks, and traditional payment infrastructure.
Mastercard and JP Morgan aren’t the only institutions building for a tokenized, on-chain future. Chainlink, a leading blockchain oracle provider, will launch CCIP, a cross-chain interoperability protocol for connecting private and public blockchains, in July 2023, successfully connecting financial institutions such as HSBC and the SWIFT network. We called on pilots to participate.
Meanwhile, the Kinexys digital payments network has processed more than $1.5 trillion in transactions since its pilot in 2020 and now processes more than $2 billion in transactions every day.
