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Kyriba and JPMorgan’s Onyx Collaborate on Blockchain-Based X-Border Payments

Kyriba and J.P. Morgan’s blockchain business unit, Onyx, are collaborating to streamline cross-border payments.

Kyriba, a provider of liquidity performance solutions, will use Onyx’s digital currency and blockchain technology for cross-border payments, the companies said in a Monday (April 8) press release.

“Our comprehensive partner ecosystem drives innovation and helps customers outperform their strategic goals by providing implementation expertise, best practices and accelerated time-to-value,” Ara Gopal, global vice president of partnerships and alliances at Kyriba, said in the release.

Kyriba uses Onyx’s Blockchain Deposit Account (BDA) product, JPM Coin, blockchain technology and real-time payment processing to increase payments transparency, according to the release.

Now, for the first time, clients can operate their JPM Coin BDAs within Kyriba’s treasury management system (TMS) to facilitate real-time cross-border transfers on a permissioned distributed ledger, the release said.

With J.P. Morgan’s Global Payments API, which is available in the Kyriba Marketplace, clients can complement this cross-border payment solution with real-time payments and real-time bank reporting, per the release.

“Our mutual clients can leverage blockchain technology and conduct cross-border commerce with speed, transparency and added certainty through the JPM Coin integration,” Abhinav Natarajan, global product head of JPM Coin, said in the release. “By integrating our Blockchain Deposit Accounts into their existing TMS workflows, clients can initiate and manage real-time settlements, unlocking the potential of 24/7 money movement.”

J.P. Morgan said in October that its JPM Coin digital token was handling $1 billion in daily transactions. JPM Coin lets the bank’s wholesale clients make dollar and euro payments over a private blockchain network.

When it launched JPM Coin in 2019, J.P. Morgan became the first major U.S. bank to introduce its own digital token for real-world use. The bank said at the time that the blockchain-based cryptocurrency was created to allow for “the instantaneous transfer of payments between institutional accounts.”

Kyriba and J.P. Morgan Payments partnered in November 2022 to launch a real-time treasury solution offered to their mutual clients through an API. The solution provides RTP® Network payments, payments status and bank reporting, the companies said at the time.

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