- JPMorgan expanded its Kinexys blockchain payments platform by adding five Asia-Pacific currencies, increasing support to eight currencies for 24/7 cross-border settlements.
- Kinexys uses a permissioned blockchain and tokenized bank deposits, enabling near-instant payment settlement without relying on cryptocurrencies like Bitcoin.
- Payoneer and JERA Global Markets are among the first institutional clients to adopt the new Australian dollar and Japanese yen services.
Kinexys blockchain platform now supports five Asia-Pacific currencies, enabling institutional clients to settle FX and payments at any time. Multinational corporations may find it simpler to transfer money between nations at any time of day thanks to JPMorgan’s expansion of the currencies supported by its Kinexys blockchain payments technology.
Kinexys, formerly known as Onyx is JPMorgan’s enterprise bank-led blockchain platform, which allows customers to transfer tokenized bank deposits across the platform, to include the Australian dollar, Hong Kong dollar, Japanese yen, Chinese yuan, and Singapore dollar.
Institutional clients now have access to eight currencies for foreign exchange and blockchain-based settlement, in addition to the US dollar, euro, and British pound.
The announcement coincides with banks searching for solutions to a long-standing issue in international finance: transferring money more quickly across borders without requiring transactions to pass through several banks that are constrained by local banking hours. Some of those delays are intended to be eliminated by Kinexys.
Kinexys Delivers Instant Blockchain-based Settlements
It records and settles transfers between participating clients using a permissioned blockchain network run by JPMorgan rather than just using conventional payment rails. Businesses can transfer money, exchange currencies, and manage liquidity around-the-clock, seven days a week, thanks to the platform’s continuous operation.
Bitcoin and other cryptocurrencies are not the foundation of the site. Rather, customers have JPMorgan deposits that are digitally recorded on the blockchain, enabling transactions to settle very immediately within the network while staying inside the regulated banking system.
Kinexys Tops $4T As Payoneer & JERA Join Blockchain Network
One of the first users of the Australian dollar version of the service is Payoneer, a financial technology company that assists companies in sending and receiving overseas payments.
The business stated that it will make better use of the platform to transfer money between markets and enhance cross-border payment settlement. The first customer to use the Japanese yen account is JERA Global Markets, the trading division of the Japanese energy corporation JERA.
Since its inception, Kinexys has handled over $4 trillion in transactions, with an average daily volume of over $7 billion, according to JPMorgan. Its foothold in Asia-Pacific, where cross-border trade and foreign exchange activities continue to be among the busiest in the world, is strengthened by the most recent expansion.
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