Follow Us @
Mastercard and JP Morgan integrate blockchain platforms for B2B payments
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
Mastercard announced the integration of its blockchain-based platform, the Multi-Token Network (MTN), with Kinexys Digital Payments, JP Morgan’s recently renamed digital assets unit.
According to the announcement released this Thursday (21), the objective of the partnership is to optimize international B2B payments. The solution will also offer greater transparency, faster settlement and reducing barriers related to time zones.
The collaboration between the two financial giants aims to explore the potential of tokenized bank deposits, stablecoins and central bank-issued digital currencies (CBDCs). Since the launch of MTN in mid-2023, Mastercard has been inviting banks to test these new digital asset formats.
The integrated system will enable corporate customers to conduct B2B transactions through a single API, unifying access to Mastercard’s MTN and Kinexys Digital Payments.
Purpose of Mastercard integration with JP Morgan
JP Morgan had already announced, along with the name change from Onyx to Kinexys, plans to introduce tokenized dollars and euros in foreign exchange (FX) operations by the first quarter of 2025. Subsequently, the banking giant intends to expand the solution to other cryptocurrencies.
Foreign exchange tokenization is an innovative solution to overcome gaps in international payments. This is because it allows for near real-time transactions.
The initiative is in line with other experiences in the sector, such as Project Guardian, led by the Monetary Authority of Singapore, which also includes the participation of JP Morgan.
Naveen Mallela, co-head of Kinexys, said the unit’s solutions can transform the global digital commerce and digital asset ecosystem. He highlighted the importance of integrating commercial payment rails with digital platforms.
Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard, emphasized that the integration will unlock new speed and settlement capabilities for the entire value chain, as well as create innovative use cases by combining the strengths of both organizations.
Mastercard and JP Morgan integrate blockchain platforms for B2B payments
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
Mastercard and JP Morgan integrate blockchain platforms for B2B payments
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Mastercard and JP Morgan integrate blockchain platforms for B2B payments
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Mastercard and JP Morgan integrate blockchain platforms for B2B payments
