The financial world is witnessing a pivotal shift as two of its giants—Mastercard and JPMorgan—unite to redefine cross-border business payments through blockchain innovation. Their newly launched integration between Mastercard’s Multi-Token Network (MTN) and JPMorgan’s Kinexys Digital Payments platform marks a significant leap toward faster, more transparent, and efficient global transactions.
This collaboration enables mutual customers to settle B2B cross-border payments seamlessly using a single API integration. By bridging enterprise-grade blockchain networks, the partnership aims to eliminate traditional inefficiencies such as time zone delays, lack of transparency, and slow settlement cycles.
Bridging MTN and Kinexys for Global Commerce
The integration between Mastercard's MTN and JPMorgan’s Kinexys Digital Payments is designed to enhance the value proposition of digital commercial marketplaces. With native connectivity to bank-powered payment rails, digital platforms can now process real-time settlements without relying on legacy banking infrastructure.
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Naveen Mallela, co-head of Kinexys by JPMorgan, emphasized the strategic importance of integrating commercial bank payment systems directly into digital ecosystems:
“The value proposition of commercial transaction venues is enhanced by the availability of commercial bank payment rails that can natively integrate with any digital marketplace or platform.”
Mastercard’s MTN leverages blockchain-based tools to facilitate multi-token transactions, including stablecoins and tokenized assets. By connecting with Kinexys’ regulated payment rail, MTN unlocks real-time fund transfers backed by trusted financial institutions. Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets, highlighted the shared vision:
“For years, both Mastercard and Kinexys by J.P. Morgan have been committed to innovating for the future of digital asset and commercial infrastructure. We are excited about this integration and the new use cases it will bring to life.”
This synergy opens doors for enterprises to tokenize invoices, trade finance instruments, and even carbon credits—all within a secure, compliant environment.
The Evolution of Kinexys: From Onyx to Enterprise Blockchain Leader
Kinexys Digital Payments began its journey in 2020 under the name Onyx, recognized as the first blockchain platform led by a major bank—JPMorgan Chase. At its core was JPM Coin, a dollar-pegged digital token used for instant settlement of cross-border payments among institutional clients.
Initially met with skepticism from the decentralized crypto community, JPM Coin quickly gained traction among banks and large corporations seeking efficiency and security. Early adopters included Goldman Sachs, followed by central banks and commercial institutions in India and the Middle East.
By June 2023, the platform expanded beyond U.S. dollar transactions to support euro-denominated payments. Transaction volume surged, reaching $1 billion per day by October 2023**—a figure that has since doubled to **$2 billion daily, according to JPMorgan.
On November 6, 2024, JPMorgan announced the rebranding of Onyx to Kinexys, signaling a broader enterprise focus. Alongside the name change came two major developments:
- Integration with JPMorgan FX Services to enable onchain foreign exchange settlements (starting with USD/EUR pairs).
- Release of a white paper outlining a proof-of-concept for onchain enterprise privacy, identity management, and composability—critical components for secure inter-institutional blockchain interactions.
These upgrades position Kinexys not just as a payment network, but as a full-stack digital asset infrastructure provider for global finance.
Mastercard’s Multi-Token Network: Real-World Pilots and Expansion
Mastercard first unveiled plans to test its Multi-Token Network (MTN) in June 2023. The goal: create a scalable, interoperable blockchain layer for issuing, transferring, and settling multiple token types—ranging from stablecoins to asset-backed tokens—while maintaining compliance with global regulations.
In May 2024, MTN conducted its first live pilot in collaboration with Standard Chartered Bank Hong Kong. The proof-of-concept took place within the Hong Kong Monetary Authority Fintech Supervisory Sandbox, where they successfully tokenized carbon credits. This experiment demonstrated how blockchain could streamline environmental asset trading while ensuring auditability and fraud resistance.
Earlier, MTN had partnered with the Reserve Bank of Australia to explore the use of wrapped central bank digital currencies (wCBDCs). These trials aim to assess how tokenized fiat currencies can improve cross-border liquidity and reduce counterparty risk.
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With the Kinexys integration, MTN moves closer to becoming a foundational layer for institutional-grade digital commerce.
Core Keywords Driving the Future of Finance
This groundbreaking collaboration revolves around several key themes shaping modern finance:
- Blockchain payment solutions
- Cross-border payments
- Digital asset infrastructure
- Tokenized assets
- Real-time settlement
- Enterprise blockchain
- B2B financial technology
- Onchain transactions
These keywords reflect growing demand from businesses for faster, auditable, and programmable financial systems—needs that traditional banking often fails to meet.
Frequently Asked Questions (FAQ)
Q: What is the purpose of the Mastercard and JPMorgan blockchain integration?
A: The integration connects Mastercard’s Multi-Token Network with JPMorgan’s Kinexys Digital Payments to enable real-time, transparent cross-border B2B payments via a single API.
Q: What is Kinexys by JPMorgan?
A: Kinexys is JPMorgan’s enterprise blockchain platform, formerly known as Onyx. It supports instant settlement using JPM Coin and offers payment rails for institutional clients across multiple currencies.
Q: How does MTN support tokenized assets?
A: Mastercard’s MTN allows the issuance and transfer of various token types—including stablecoins and carbon credit tokens—within regulated environments, enabling new use cases in trade finance and sustainability.
Q: Are these blockchain solutions available to all businesses?
A: Currently, access is focused on institutional clients and financial partners. However, broader enterprise adoption is expected as regulatory frameworks evolve.
Q: Is this related to cryptocurrency like Bitcoin or Ethereum?
A: No. These are private, permissioned blockchain networks designed for regulated institutions—not public blockchains or retail cryptocurrencies.
Q: Can individuals use these services?
A: Not directly. The platforms are built for business-to-business transactions between banks, corporations, and financial intermediaries.
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Looking Ahead: A New Era of Institutional Finance
The Mastercard-JPMorgan partnership exemplifies how traditional finance is embracing digital transformation. Rather than disrupting banks, blockchain is being used to strengthen them—offering faster settlements, reduced operational costs, and greater transparency.
As more enterprises adopt tokenization for assets ranging from invoices to carbon credits, interoperable networks like MTN and Kinexys will become critical infrastructure. The next phase may include integration with central bank digital currencies (CBDCs), further blurring the line between traditional money and programmable finance.
With daily transaction volumes already hitting $2 billion on Kinexys and MTN expanding into environmental asset markets, the future of finance isn’t just digital—it’s onchain.