JP Morgan introduces blockchain-powered Kinexys Digital Payments, now available in British Pounds and the UK.
In a significant move, global commodities trader Trafigura has begun using Kinexys Digital Payments for 24/7 cross-border payments between its New York, London, and Singapore divisions. The first clients to utilise Kinexys' sterling services in London are LSEG's SwapAgent and Trafigura themselves.
SwapAgent, part of LSEG's LCH, is currently piloting Kinexys Digital Payments for its post-trade services. According to Nathan Ondyak, CEO at SwapAgent, integrating Kinexys could allow for operations beyond traditional branch cut-off times and managing settlements in a programmable manner in the future. SwapAgent plans to consider a broader adoption of Kinexys Digital Payments after the pilot, but there's no information about this expansion within the context of the Digital Securities Sandbox (DSS).
Kinexys Digital Payments has expanded its services to support transactions in GBP, averaging around $2 billion in transactions daily. To date, the platform has processed over $1.5 trillion in cumulative transactions across all its services. The service now provides 24/7 support for corporate payments and foreign exchange for dollars, euros, and pounds.
While Kinexys Digital Payments is technologically engaged with blockchain-based derivatives settlement and J.P. Morgan is employing digital innovation for payments, there is no specific or public information confirming Kinexys’ direct participation in the Digital Securities Sandbox (DSS) or its partnerships with Fnality from the current data.
The Digital Securities Sandbox (DSS) is a joint initiative from the Bank of England and the Financial Conduct Authority (FCA), aiming to foster regulatory compliance and technological advancement in digital securities solutions. Fnality, a tokenized settlement solution, could enable settlement of institutional transactions within the DSS. However, no direct connection between Kinexys and Fnality was found.
It's worth noting that J.P. Morgan, as Kinexys' affiliate, is actively investing in advanced blockchain and digital solutions to improve cross-border payments and financial inclusion, particularly in Latin America. This reflects a commitment to leveraging digital technologies in payments, which could relate to sandbox environments like DSS for innovation and regulatory testing.
Despite the lack of direct information, Kinexys Digital Payments' involvement in the digital securities landscape continues to grow, providing efficient and innovative solutions for corporates and non-bank financial institutions that may not have access to central bank money. Further inquiry from official company releases or regulatory filings may be needed for updated details.
- Kinexys Digital Payments, with its expansion into GBP transactions and technology engagement with blockchain-based derivatives settlement, could potentially bring blockchain insights to the finance and business sectors.
- In the rapidly evolving digital finance world, it would be beneficial for Kinexys Digital Payments to consider partnerships or direct participation in initiatives like the Digital Securities Sandbox (DSS) or collaborating with tokenized settlement solutions such as Fnality, to further enhance its technology and insights in the future.
