J.P. Morgan’s Kinexys Digital Payments and Mastercard’s Multi-Token Network have partnered to increase the effectiveness of cross-border business-to-business transactions.
According to a Mastercard press release, this partnership improves the speed and transparency of international business payments by allowing mutual clients to use a single application programming interface for seamless settlement.
Kinexys, J.P. Morgan’s payment rail for real-time, multicurrency transactions, and Mastercard’s blockchain-powered MTN platform are integrated.
By leveraging blockchain technology, Kinexys enables direct, almost instantaneous transactions between business bank accounts.
Delays, time zone differences, and a lack of transparency are some of the major issues with cross-border payments that have long hampered international trade and are addressed by this alliance.
Mastercard’s token network
MasterCard’s token network (MTN) provides companies with the resources they need to create cutting-edge financial solutions.
Businesses can save operating expenses, maximize liquidity, and simplify payment procedures by integrating with Kinexys.
The ability to settle payments around the clock, even on banking holidays, is a huge benefit for businesses that frequently perform foreign transactions.
Executives emphasized the initiative’s potential to revolutionize internet commerce. According to Kinexys Co-Head Naveen Mallela, the collaboration is a step toward fusing digital marketplaces with conventional bank payment rails.
This collaboration is part of a larger trend in which financial institutions use blockchain technology to update payment systems and provide businesses with quicker and more affordable alternatives.
