Kinexys by J.P. Morgan, the firm’s industry-leading blockchain business unit, has expanded the reach of its global Blockchain Deposit Account (BDA) network, adding Australian Dollar (AUD), Hong Kong Dollar (HKD), Japanese Yen (JPY), Chinese Renminbi (RMB) and Singapore Dollar (SGD)-denominated accounts.
Now, financial institutions and multinational corporations can move money and execute onchain FX between these five new currencies and existing rails for the European Union Euro (EUR), the British Pound (GBP), and the United States Dollar (USD), extending settlement windows beyond traditional market cut-off times and improving liquidity efficiency across global operations. For the first time, institutional clients can also leverage Programmable Payments across any of these currency pairs to automate treasury and liquidity management – helping connect payments execution more directly to business operations.
Growing client activity reflects increasing global demand for scalable, multi-currency blockchain-based payments infrastructure across a range of use cases.
Payoneer, a global financial technology company powering business growth across borders, is one of the first clients to use the AUD-denominated BDA, leveraging the solution to enable 24/7 cross-border payment settlement for its clients.1
Derek Green, Global Head of Treasury & Payment Services at Payoneer, said, “Removing friction in money movement is essential for global business. At Payoneer, we are continuously enhancing the infrastructure that supports global cross-border payments and liquidity management. Leveraging Kinexys’ Blockchain Deposit Accounts helps streamline internal treasury funding flows and improve the speed and efficiency of moving liquidity across markets. Combined with Payoneer’s global payout capabilities, this strengthens our ability to support customers with scalable and reliable cross-border payment operations. This is about rethinking how money moves across borders as a truly scalable financial capability.”
JERA Global Markets, a utility-backed energy trader and optimizer with a global presence, is the first client to use the JPY-denominated BDA, leveraging the solution to manage intragroup treasury flows and optimize liquidity management.
Siang-Chee Chew, Senior Vice President of Finance & Treasury at JERA Global Markets, said, “As a global energy trader operating across commodities, markets and time zones, efficient and resilient treasury infrastructure is critical to supporting our global business and operations. The ability to move JPY on an always-on basis is an important step in modernizing treasury flows across our businesses. This initiative supports our focus on operational agility, liquidity optimization and seamless capital mobility across our global trading platform.”
Since inception, Kinexys by J.P. Morgan, which is part of J.P. Morgan Payments, has processed over $4 trillion in transaction volume, with average daily transactions exceeding $7 billion.
Zack Chestnut, Global Head of Commercial at Kinexys by J.P. Morgan, added, “We’re proud to be at the forefront of helping global businesses unlock the strategic benefits of 24/7/365 on-chain settlement and FX, along with programmable payments. We’re building the blockchain infrastructure businesses need to modernize treasury for today’s always-on, dynamic global market. Adding five new Asia-Pacific currencies to the Kinexys Blockchain Deposit Account network underscores our commitment to that mission. We’re excited to continue working with Payoneer, JERA Global Markets and others to help shape the future of financial services.”
Read more about the latest developments in Singapore’s Business Times and learn about how Trafigura and LSEG’s SwapAgent are leveraging Kinexys’ GBP Blockchain Deposit Accounts for cross-border 24/7 onchain transactions here.
For a primer on key terms and concepts in the blockchain and digital assets space, check out our Blockchain 101 glossary here and find out more about Kinexys’ latest milestones here.
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Transfers on the network are completed on a 24/7/365 and same day basis. Moving funds to and from the network from traditional Demand Deposit Accounts on legacy systems to Blockchain Deposit Accounts has a three-hour downtime over the weekend (3-6 p.m. EST every Saturday. Enhancement is under development.
