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Mastercard and J.P. Morgan have joined forces to revolutionize cross-border payment systems through blockchain technology, according to a press release issued Thursday.
The collaboration integrates Mastercard’s Multi-Token Network (MTN) with J.P. Morgan’s Kinexys Digital Payments platform to streamline and enhance international B2B transactions for businesses.
Faster, More Transparent Blockchain Payments
- Mastercard’s MTN Platform:
A blockchain-based infrastructure supporting the creation, issuance, and redemption of digital assets. It offers robust tools and API integrations to simplify financial processes. - J.P. Morgan’s Kinexys:
A cutting-edge payment rail leveraging commercial bank money for real-time settlements, addressing key challenges like transparency, efficiency, and time zone discrepancies in cross-border transactions.
Through this partnership, businesses can now utilize a single API to settle payments across borders, significantly improving the speed and transparency of global financial operations.
Mastercard’s Multi-Token Network: A Blockchain Innovation Leader
Since its launch in June 2023, Mastercard’s MTN has pioneered private blockchain applications across various sectors.
Key Highlights of MTN’s Evolution:
- CBDC Trials in 2023:
Collaborations with the Reserve Bank of Australia and Hong Kong Monetary Authority (HKMA) tested wrapped central bank digital currencies (CBDCs) to explore tokenized instruments’ potential in financial systems. - Carbon Credit Tokenization:
In May 2024, Mastercard, alongside Standard Chartered Bank Hong Kong (SCBHK), utilized MTN to tokenize carbon credits within the HKMA Fintech Supervisory Sandbox.- Mox Bank facilitated client deposits to purchase tokenized carbon credits.
- SCBHK issued tokenized credits through Libeara, completing atomic swaps for real-time, blockchain-based transactions.
- DLT Settlements with Industry Giants:
Mastercard has also collaborated with leading financial institutions such as Swift, Visa, Citigroup, and J.P. Morgan to explore distributed ledger technology (DLT) applications for tokenized banking settlements.
J.P. Morgan’s Blockchain Expertise
- Kinexys Digital Payments Platform:
Focuses on delivering instantaneous, transparent payment solutions using blockchain technology, ensuring businesses can overcome hurdles typically associated with international transactions. - Broader Blockchain Integration:
The partnership further cements J.P. Morgan’s leadership in blockchain innovation, building on its success with solutions like Liink and the JPM Coin for real-time financial transfers.
A Future of Efficient Global Payments
This Mastercard and J.P. Morgan collaboration showcases the growing convergence of blockchain technology and traditional finance, offering businesses an efficient, secure, and streamlined payment solution for global operations.
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