Kinexys, J.P. Morgan‘s blockchain business unit, has launched GBP-denominated Blockchain Deposit Accounts on Kinexys Digital Payments in J.P. Morgan Chase Bank’s London branch – one of the first blockchain products of its kind in the UK.
The new GBP-denominated blockchain accounts from Kinexys will enable clients to conduct quick cross-border transactions, including 24/7 foreign exchange (FX). Clients will be able to access funds on demand with weekend processing and extended same-day FX settlements, offering enhanced flexibility, speed and efficiency.
SwapAgent, an LSEG post-trade solutions business, and Trafigura, a Singapore-based multinational commodities company, will become the first clients to open London accounts on the platform, marking the first time in the UK that companies will actively use blockchain accounts for 24/7 real-time payments and cross-border transactions.
This launch follows the successful introduction of FX capabilities and EUR-denominated blockchain accounts in Frankfurt, further expanding Kinexys’ digital payments global solutions.
SwapAgent will open Kinexys Digital Payments’ London blockchain accounts for its digital post trade services pilot project, and is considering opening additional blockchain accounts for its broader native offerings, enabling it to operate beyond traditional branch cut-off times and manage liquidity 24/7 in a programmable manner.
“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,” explained Nathan Ondyak, CEO at SwapAgent, part of the London Stock Exchange Group.
Enabling 24/7 cross-border payments
Trafigura, one of the world’s largest suppliers of commodities, plans to leverage the London-based Blockchain Deposit Accounts to provide 24/7 real-time payments across its global financial centres, including New York, London and Singapore. It will also implement programmable payments to automatically move funds and adopt Blockchain Deposit Accounts for real-time cross-border transactions.
Chris McLaughlin, global head of group treasury at Trafigura, also added: “We are excited to advance our capabilities with Kinexys Digital Payments blockchain deposit accounts in the UK. This collaboration with Kinexys by J.P. Morgan will enable us to make 24/7, near-real-time payments across major global financial centres.
“By implementing programmable payments and adopting Blockchain Deposit Accounts for real-time cross-border transfers, we also believe we are poised to benefit from a transformative financial solution that will streamline our operations and enhance our competitive edge in the global commodities trading landscape.”
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