Mastercard And JPMorgan Enhance Blockchain-Based Forex Payments

According to Foresight News, Coindesk reports that Mastercard's Multi-Token Network (MTN) has integrated with JPMorgan's digital asset network, Kinexys, formerly known as Onyx. This collaboration aims to enhance blockchain-supported foreign exchange payments by improving transparency and settlement speed in B2B cross-border transactions, while also reducing friction caused by time zone differences. The integration of MTN with Kinexys allows joint customers of both networks to settle B2B transactions through a single API. This streamlined process is expected to facilitate more efficient and transparent cross-border payments, leveraging blockchain technology to address common challenges in the foreign exchange market. By connecting these two digital payment networks, the partnership seeks to offer a more seamless experience for businesses engaged in international trade, ultimately benefiting from faster and more reliable transaction settlements.