J.P. Morgan’s blockchain platform, Kinexys, has introduced support for GBP-denominated payments for its corporate clients.
This move allows clients to conduct real-time transactions in GBP via blockchain-based accounts. The service complements existing support for USD and EUR.
Specifically, the rollout allows clients to initiate and settle payments around the clock, including on weekends. Two early adopters of the GBP offering include SwapAgent, part of the London Stock Exchange Group, and commodities trading firm Trafigura. According to representatives from JPMorgan, this marks one of the earliest operational deployments of a blockchain payment service in the UK with active corporate users.
Integration with digital settlement systems
SwapAgent intends to integrate the blockchain accounts as part of a pilot for a digital post-trade settlement platform, aiming to extend transaction capabilities beyond the limits of conventional banking hours. Trafigura has indicated plans to use the service for real-time cross-border payments between London, New York, and Singapore, and may expand usage to include programmable payment features in future treasury operations.
The system offers programmable options that automate certain treasury tasks and improve access to liquidity. Additionally, clients can now benefit from faster same-day foreign exchange settlement when transacting in GBP.
A closer look at the Kinexys platform
According to Catenaa Investors, Kinexys, which launched in 2019 under the name Onyx, has processed over USD 1.5 trillion in blockchain-based transactions to date, with daily volumes currently exceeding USD 2 billion. Though still a small portion of JPMorgan’s broader USD 10 trillion daily transaction volume, bank officials have pointed to growing interest in programmable finance among institutional clients.
The inclusion of GBP is part of JPMorgan’s general effort to modernise cross-border payment infrastructure using blockchain technology.
Source: thepaypers
