Mastercard partners with JPMorgan to bring B2B cross-border payments to blockchain

ChainCatcher news, according to CoinDesk, payment giant Mastercard (MA) has integrated its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan's recently renamed digital asset business Kinexys (formerly known as Onyx). This collaboration aims to enhance B2B cross-border payments, "providing greater transparency and faster settlement speeds while reducing time zone friction."

Tokenized foreign exchange is an attractive subset of the real-world asset trend based on blockchain, which has been firmly embraced by traditional finance as it offers an almost real-time, always-online way to avoid cross-border gaps and pain points. The two companies stated in a joint announcement that by integrating Mastercard MTN with Kinexys digital payment connectivity, MTN and Kinexys' mutual clients will be able to settle B2B transactions through a single API.