Author

Dan Brightmore

Published

21 November 2024

Estimated Read time

2Mins

Mastercard integrates its Multi-Token Network (MTN) for tokenized deposits and tokenized assets with Kinexys Digital Payments (formerly JPM Coin)

Mastercard’s blockhain Multi-Token Network (MTN) has connected to Kinexys Digital Payments as a payment settlement solution. This will enhance the availability of B2B cross-border payments to business applications on MTN.

Kinexys Digital Payments is a next-generation payment rail powering real-time value transfer. Also, it uses commercial bank money and is offered through Kinexys by J.P. Morgan, the firm’s Blockchain business unit.

Mastercard’s MTN Blockchain meets JP Morgan’s Kinexys

Mastercard’s MTN brings together a set of API-enabled, blockchain-based tools and standards for innovative business models under one platform.

Kinexys by JP Morgan and Mastercard are respectively providing solutions designed to improve the efficiency of commercial transactions. Furthermore, these solutions aim to improve the cross-border payment experiences common for such transactions. They will achieve this by providing greater transparency and faster settlement as well as reducing time zone friction.

By integrating Mastercard MTN’s connectivity with Kinexys Digital Payments, mutual customers of MTN and Kinexys will be able to settle B2B transactions through a single API integration.

Kinexys – JP Morgan’s Blockchain business unit

“At Kinexys, we believe our solutions can play a transformative role in the ecosystem for digital global commerce and digital assets, where the value proposition of commercial transaction venues is enhanced by the availability of commercial bank payment rails that can natively integrate with any digital marketplace or platform. We look forward to supporting our clients engaging with the MTN ecosystem and collaborating further with Mastercard in the digital space.”

Naveen Mallela, Co-Head of Kinexys by JP Morgan

MTN – Mastercard’s Multi-Token Network

“For years, both Mastercard and Kinexys by JP Morgan have been committed to innovating for the future of digital asset and commercial infrastructure. By bringing together the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments, we are unlocking greater speed and settlement capabilities for the entire value chain. Moreover, we are excited about this integration and the new use cases it will bring to life, leveraging the strengths and innovations of both organisations.”

Raj Dhamodharan, executive vice president, Blockchain and Digital Assets at Mastercard

  • Blockchain
  • Digital Payments

Author

Kevin Davies

Published

13 November 2019

Estimated Read time

5Mins

The Monetary Authority of Singapore (MAS) has led the successful development of a blockchain-based prototype that enables payments to be…

The Monetary Authority of Singapore (MAS) has led the successful development of a blockchain-based prototype that enables payments to be carried out in different currencies on the same network.

This prototype network, developed by MAS in collaboration with J.P. Morgan and Temasek, has the potential to improve cost efficiencies for businesses.

It is currently undergoing industry testing to determine its ability to integrate with commercial blockchain applications. The applications that were tested successfully will be showcased at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019, which kicked off on November 11.

This development marks the latest milestone for Project Ubin which is into its fifth phase. Building on the work of Phase 4 of Project Ubin, the payments network will provide interfaces for other blockchain networks to connect and integrate seamlessly.

It will also offer additional features to support use cases such as Delivery-versus-Payment (DvP) settlement with private exchanges, conditional payments and escrow for trade, as well as payment commitments for trade finance.

Beyond technical experimentation, the fifth phase of Project Ubin sought to determine the commercial viability and value of the blockchain-based payments network. To date, MAS and its partners have engaged more than 40 financial and non-financial firms to explore the potential benefits of the network.

John Hunter, Global Head of Clearing and Interbank Information Network (IIN), J.P. Morgan, said: “J.P. Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings from building the Interbank Information Network® (IIN) and the JPM Coin, J.P. Morgan is well-positioned to support the development of a blockchain-based payments network and operate at scale.”

Chia Song Hwee, President & Chief Operating Officer, Temasek, said: “Blockchain technology has great potential in transforming businesses and opening up new business opportunities.

“To better understand the impact and value of blockchain technology, we are pleased to have partnered with MAS and J.P. Morgan for the Ubin platform. The inclusion of non-financial services companies has demonstrated applicability of blockchain technology beyond capital markets and trade finance.

“We look forward to deeper collaboration and support for Singapore’s pioneering efforts in the blockchain space.”

Accenture has been commissioned to publish the project report in early 2020. The report will describe the blockchain use cases that would benefit from a blockchain-based payments network, and set out additional features that the network could provide.

In addition, the technical specifications for the connectivity interfaces that were developed will also be released for public access under Apache License Version 2.0.

Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “There is growing evidence now that blockchain-based payments networks are able to enhance cost efficiencies and create new opportunities for businesses.

“We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts. We look forward to linking up with more blockchain networks to improve cross-border connectivity.

“This will be a big step forward in making cross-border transactions faster, cheaper, and safer.”