JPMorgan Chase’s Kinexys Broadens FX Reach With New GBP Blockchain Rollout

In a move signaling intensified competition in the cross-border payments space, J.P. Morgan Chase has introduced GBP-denominated Blockchain Deposit Accounts for its Kinexys Digital Payments (KDP) platform in London. The bank said it’s one of the first products of its kind in the U.K. with live corporate clients.

Trading market infrastructure company LSEG is among the first to open an account. Its SwapAgent division and global commodities firm Trafigura will are the first to open London-based blockchain accounts, which aim to streamline 24/7 real-time payments and foreign exchange (FX) settlements across global financial centers. This roll-out expands upon earlier Kinexys launches — most notably, the EUR-denominated blockchain accounts in Frankfurt — and underscores the firm’s push to increase operational efficiency and reduce transaction friction for multinational corporations.

Key Points From the Announcement:

• 24/7 Cross-Border Transactions: Clients can now seamlessly transact among USD, EUR and GBP anytime, including on weekends and beyond traditional branch cut-off times.
• Enhanced FX Capabilities: By integrating same-day and near-real-time settlements into its blockchain framework, J.P. Morgan Chase provides improved flexibility and speed for corporate treasury operations.

SwapAgent, an LSEG Post Trade Solutions business, plans to leverage these new accounts for its digital post-trade services pilot project, with a view to broadening its blockchain adoption. “Integrating the innovative Kinexys Digital Payments blockchain deposit accounts into our SwapAgent offerings could allow us to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future,” said Nathan Ondyak, CEO at SwapAgent.

Meanwhile, Trafigura, one of the world’s largest commodities suppliers, plans to harness the London-based accounts to support 24/7 global payments across financial hubs in New York, London and Singapore. Chris McLaughlin, Global Head of Group Treasury at Trafigura, said the collaboration “will enable us with 24/7 near-real-time payments across major global financial centers” and offer greater efficiency for real-time cross-border transactions.

According to J.P. Morgan, since its inception in 2019, the Kinexys platform has processed over $1.5 trillion in transaction volume, with average daily transactions exceeding $2 billion and registering 10x year-over-year growth in payments. In addition to deposit accounts, KDP provides a Programmable Payments feature with an “if-this-then-that” interface, allowing corporate clients to automate treasury workflows and enhance liquidity management.

In November, J.P. Morgan announced a significant enhancement to its blockchain platform, recently rebranded from Onyx to Kinexys. The bank will integrate Kinexys Digital Payments with J.P. Morgan FX Services, enabling on-chain FX settlement. This move positions Kinexys as a key player in the landscape of digital cross-border payments and foreign exchange.

Initially supporting USD and EUR, with plans to expand to other currencies, this integration allowed clients to execute near real-time FX transactions and settlements via the J.P. Morgan global FX platform. This is expected to significantly reduce FX settlement risk and accelerate trade settlements, potentially revolutionizing how businesses manage international payments.

“Together with our clients, we aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” said Umar Farooq, co-head of J.P. Morgan Payments said at the time. “Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability and reduce the limitations of today’s financial infrastructure.”

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