JPMorgan (J.P.Morgan) announced on 11/6 that its blockchain platform Onyx has been renamed to Kinexys, and plans to add real-time foreign exchange settlement functionality for the US dollar and Euro in the future, and may expand to other currencies such as the British Pound.
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ToggleKinexys Positioning Cross-Border Payments and Real-Time Settlement
Umar Farooq, head of JPMorgan's payments division, said the brand name change to Kinexys reflects the platform's core vision of using technology to improve the efficiency of global capital, asset and financial information transfer.
Kinexys is derived from "kinetic" (kinetic energy), meaning "caused by motion", expressing JPMorgan's goal of breaking through the limitations of traditional financial technology. JPMorgan emphasized that Kinexys will focus on providing more powerful cross-border payment and real-time settlement solutions, creating higher efficiency and liquidity management capabilities for corporate clients.
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JPMorgan will launch real-time foreign exchange settlement in Q1 2025
Initially, Onyx served as a pilot platform to demonstrate the commercial potential of blockchain technology, using the JPM Coin payment system to simplify cross-border payments and reduce the settlement time of financial transactions, digitizing US dollar transactions.
Now, the Kinexys platform will launch real-time foreign exchange settlement services, using Kinexys Digital Payments (formerly JPM Coin) to assist in the foreign exchange settlement between the US dollar and Euro. This functionality is expected to go live in the first quarter of 2025, which will shorten the foreign exchange settlement time from the traditional hours or even days to near real-time processing speed. As Kinexys further expands to other currencies such as the British Pound in the future, JPMorgan said it will be able to provide customers with 24/7 automated services.
This functionality can greatly enhance the flexibility of corporate funds. Specifically, in the past, companies or financial institutions often needed to reserve large amounts of funds in advance to cope with the delay in foreign exchange transaction settlement; but with the launch of Kinexys, through the fast on-chain processing technology, corporate clients can more flexibly mobilize funds based on actual needs without reserving large amounts of funds, which reduces the capital occupation cost.
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Kinexys has cumulatively traded $1.5 trillion
The application of blockchain and tokenization technology is becoming increasingly popular in global financial services, and JPMorgan's deep cultivation in this field shows its responsiveness to market demand. Kinexys said the platform processes over $2 billion in transactions daily, and has cumulatively reached $1.5 trillion since the platform's inception. Umar Farooq said: "Our business is built on a history of innovation, just like the industry we serve, we are always evolving. We are excited about the new chapter and look forward to continuing to shape the future of financial services with our clients."
