Umar Farooq, co-head of J.P. Morgan Payments, announced “the next chapter” for its blockchain business unit and that Onyx is rebranded to “Kinexys by J.P. Morgan”, speaking at the Singapore FinTech Festival.
Kinexys Digital Payments is integrating with J.P. Morgan FX Services to enable FX settlement on chain, initially in USD and EUR, with plans to expand to more currencies. Clients will be able to execute near real-time FX transactions and settlement by connecting to the J.P. Morgan global FX platform as early as the first quarter of 2025 — reducing FX settlement risk and speeding up trade settlements. This lays the groundwork for future automation of 24/7 near real-time multicurrency clearing and settlement, based on client-defined instructions.
In addition to expanding its product portfolio, Kinexys continues to investigate the bounds of distributed ledger technology in reshaping financial services, including issues such as privacy, identity and composability in blockchain ecosystems and publishing a whitepaper to demonstrate a new POC. Enhanced privacy measures are crucial for improving access to digital assets, while streamlining identity management is intrinsically linked to the potential for tokenized assets at scale. The Kinexys Digital Assets and Kinexys Labs Privacy POC explores these areas in further detail to better understand current solutions and potential implementations across the board.
“We’ve built our business on a history of innovation, and like the industries we serve, we are always evolving. We are excited for this new chapter and are looking forward to continuously shaping the future of financial services together with our clients,” Farooq said in a statement.
Since inception, the platform has exceeded $1.5 trillion in notional value, processing an average of more than $2 billion daily in transaction volume. Moreover, payments transactions have grown by 10x year-over-year, and they have executed some of the largest repo transactions on any blockchain globally.
As existing clients continue to grow their transaction volumes, the pace of new client adoption is also increasing. With Kinexys solutions, corporations, financial institutions and fintechs can streamline money movement, improve asset settlement times, unlock liquidity and create new revenue opportunities. This includes global innovators such as Siemens, Ant International and BlackRock.
Clients across the globe have chosen Kinexys to enhance their payment capabilities, allowing near real-time, 24/7 programmable cross-border transactions and intragroup funding. This provides on-demand access to working capital, optimizing liquidity management, and will also help reduce transaction costs—participants can now pay disbursement to counterparties without the need for prefunding.
“Together with our clients, we aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” Farooq said in a statement. “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.”