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Today Mastercard announced it has integrated its Multi-Token Network (MTN) for tokenized deposits and tokenized assets with Kinexys Digital Payments (formerly JPM Coin). It allows clients of the two solutions to send payments across the networks. Both companies emphasized the benefits for cross border payments because of traditional challenges with speed, transparency and time zone differences.
Kinexys Digital Payments is designed to support clients with JP Morgan bank accounts, so it’s mainly used by corporates that want to move money between JP Morgan branches dotted around the world. MTN provides a simplified solution to enable banks to engage with tokenized deposits. Instead of developing their own blockchain networks, it offers banks an API driven solution. Additionally, it provides interoperability with multiple blockchain networks. Kinexys is an example of one of those networks.
“For years, both Mastercard and Kinexys by J.P. Morgan have been committed to innovating for the future of digital asset and commercial infrastructure,” said Raj Dhamodharan, EVP, Blockchain and Digital Assets at Mastercard. “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.”
Retrieved from: https://www.ledgerinsights.com/mastercard-integrates-its-mtn-blockchain-network-with-jp-morgans-kinexys-digital-payments-jpm-coin/
