Mastercard’s Multi-Token Network (MTN) connected to Kinexys Digital Payments, JPMorgan Bank’s blockchain-based digital payments system, as a settlement solution for cross-border B2B payments.
Mastercard and JPMorgan joined forces to improve the efficiency of cross-border B2B payments. Through the collaboration, common MTN and Kinexys customers will conduct B2B transactions via a single API integration, eliminating the inconvenience of different time zones among counterparties and boosting transparency and speed of settlement.
Kinexys Digital Payments is a new generation payment system that provides real-time transfer using commercial bank money. It’s one of the products of JPMorgan’s Kinexys blockchain platform.
Mastercard’s Multi-Token Network is a platform for asset tokenization and secure digital payment flows. MTN brings together in one platform a set of API tools and blockchain standards for innovative business models.
Naveen Mallela, Co-Head of Kinexys by J.P. Morgan, said in the press release that the partnership can play a transformative role in the digital global commerce ecosystem by increasing the availability of commercial banking payment systems that can integrate with any digital marketplace or platform.
In late November 2023, financial giants JPMorgan and Apollo Global Management launched a corporate DLT network, which at that time was already processing transactions worth more than $2 billion every day. Mastercard, in turn, launched its Multi-Token Network platform a few months earlier.
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