TL;DR
- JPMorgan introduces GBP-denominated blockchain accounts for its corporate clients, enabling 24/7 cross-border payments.
- Companies like LSEG SwapAgent and Trafigura are the first to utilize Kinexys’ GBP accounts.
- With an average of over $2 billion in daily transactions, Kinexys continues to expand its blockchain services, having processed more than $1.5 trillion in transactions.
JPMorgan has made a significant move in expanding its blockchain payment infrastructure by introducing GBP-denominated accounts through its Kinexys platform, formerly known as Onyx. This development is part of its ongoing efforts to provide real-time payment solutions and cross-border transactions outside of traditional market hours. Since its inception in 2019, Kinexys has been a key player in integrating blockchain technology into financial services, processing transactions worth over $1.5 trillion. This expansion further strengthens JPMorgan’s commitment to innovating financial infrastructure.
Transformation in Cross-Border Payments
The launch of GBP-denominated accounts follows the success of similar services for euros and dollars, representing a significant opportunity for businesses that require payment and currency conversion capabilities outside of standard market hours. With this new offering, clients will be able to make payments in pounds, euros, and dollars seamlessly, thanks to the flexibility and speed of blockchain technology. The first adopters of this new functionality include major companies such as SwapAgent, part of the London Stock Exchange Group (LSEG), and global commodities firm Trafigura. These companies have opened accounts on the platform to conduct real-time payments across multiple currencies, thus enhancing global financial connectivity.
Blockchain Technology Serving Large Corporations
The introduction of programmable payments via Kinexys also promises to revolutionize financial operations. This system allows treasury actions to be automated through an interface that streamlines cash flow management and transaction execution, eliminating the need for manual intervention. According to SwapAgent’s CEO Nathan Ondyak, the integration of blockchain accounts will enable the firm to operate beyond traditional office hours, optimizing liquidity in a “programmable” manner and enhancing the efficiency of settlement processes.
Meanwhile, “Trafigura” will leverage these accounts to facilitate real-time payments across its financial hubs in London, New York, and Singapore, strengthening its competitiveness in global commodities trading. The rollout of programmable payments will be critical to improving operational efficiency and liquidity management globally, as noted by Trafigura’s Group Treasury Head, Chris McLaughlin.
JPMorgan continues to advance the adoption of blockchain technology to transform corporate payments, positioning itself as a leader in a market increasingly focused on the speed, flexibility, and efficiency of financial transactions.
