Mastercard and J.P. Morgan have announced a collaboration to enhance cross-border business-to-business (B2B) payments by integrating their blockchain-based technologies.
As part of this initiative, Mastercard MTN’s connectivity has been integrated with Kinexys Digital Payments. This integration allows customers of both platforms to streamline B2B transaction settlements through a unified application programming interface (API).
Mastercard’s MTN provides API-enabled and blockchain-based tools and standards designed for new business models under a unified platform.
Introduced last year, MTN is built on a private blockchain framework, combining the flexibility of blockchain technology with Mastercard’s governance, compliance, and operational expertise.
The platform is designed to support the next generation of financial applications, enabling opportunities for transactions in the digital asset space while maintaining integration with bank accounts.
Mastercard blockchain and digital assets executive vice president Raj Dhamodharan said: “For years, both Mastercard and Kinexys by J.P. 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.”
Kinexys Digital Payments is a next-generation payment rail facilitating real-time value transfers using commercial bank money. It is delivered through Kinexys by J.P. Morgan, the company’s blockchain business division.
Both solutions are aimed at offering solutions to enhance the efficiency of commercial transactions.
These solutions also bolster cross-border payment experiences by delivery greater transparency, faster settlement, and mitigating challenges associated with time zone differences.
Through this integration, customers using Mastercard MTN and Kinexys can settle cross-border B2B transactions via a single API connection.
J.P. Morgan Kinexys co-head Naveen Mallela said: “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.”
Earlier this month, Mastercard signed a decade-long agreement with Diamond Trust Bank (DTB) to enhance digital payment services in Kenya, Uganda, and Tanzania.
