Mastercard and partner with JPMorgan to bring B2B cross-border transfer to blockchain
Payments giant Mastercard (MA) has connected its blockchain-based tokenized asset transfer system, Multi-Token Network (MTN), with JPMorgan (JPM) 's recently rebranded digital asset business, Kinexys (formerly Onyx), in a partnership aimed at enhancing B2B cross-border transfers, "providing greater transparency and faster settlement speeds, and reducing time zone friction".
Tokenized Forex is an attractive subset of blockchain-based real-world asset trends that are now firmly embraced by traditional finance as it provides a near-real-time, always-on way to avoid cross-border gaps and pain points, the companies said in a joint statement. By integrating Mastercard MTN's connectivity with Kinexys Digital Payments, mutual clients of MTN and Kinexys will be able to settle B2B transactions through a single API.