FedEx Embraces JP Morgan's Kinexys Blockchain Technology for Digital Payments
J.P. Morgan's Kinexys Digital Payments Gains Traction in Financial Services Sector
J.P. Morgan's blockchain-based bank account solution, Kinexys Digital Payments, is making waves in the financial services industry. The platform, initially known as JPM Coin, has been adopted by multiple financial services clients, including Siemens, which was the first corporate client to announce its use in 2021.
Siemens was also the first to utilise programmable payments when that functionality was added to Kinexys. This feature provides greater control to the treasurer, enabling instant money movement between J.P. Morgan branches in dollars, euros, and pounds, 24/7.
The adoption of Kinexys Digital Payments by financial services clients indicates its growing popularity in the industry. Although the specific identities of all clients using the platform have not been disclosed in full, it is known that the platform serves clients across five continents, processing over $2 billion in daily transactions and over $1.5 trillion in total transaction volume since inception.
Kinexys has also been used for some of the largest repo transactions on blockchain globally. In addition to Siemens, other financial services clients that have been disclosed as using Kinexys Digital Payments include undisclosed entities.
FedEx is another corporate client that has adopted J.P. Morgan's Kinexys Digital Payments. The notional pooling service, a feature of the platform, allows group subsidiaries to have free overdrafts without requiring actual balance transfers between entities.
The use of Kinexys Digital Payments by financial services clients demonstrates its effectiveness in the financial industry. The expansion of Kinexys to the financial services sector indicates its potential for broader application. The trend towards blockchain-based solutions in the industry, as signalled by the use of Kinexys, may be a significant development in the future of finance.
Despite the limited disclosure of individual client names beyond Siemens, the scale and capability of Kinexys are undeniable. The platform's ability to facilitate instant, programmable payments, combined with its partnerships with companies like Oracle, positions it as a key player in the evolving financial services landscape.
[1] Source: Various financial news sources.
- The expanding list of financial services clients using J.P. Morgan's Kinexys Digital Payments is indicative of its growing popularity within the industry, signalizing a potential broader application of blockchain technology in finance.
- Kinexys Digital Payments has facilitated some of the largest repo transactions globally on blockchain, demonstrating its effectiveness in the financial sector.
- Beyond Siemens, other financial services clients using Kinexys Digital Payments, such as undisclosed entities and FedEx, demonstrate the platform's potential for combating the limitations of traditional payment systems and its role in shaping the future of finance.
- As reported by various financial news sources, the adoption of Kinexys by industry clients like Siemens, FedEx, and undisclosed entities has illustrate its notable ability to process over $2 billion in daily transactions, generating over $1.5 trillion in total transaction volume since its inception.
