JPMorgan has expanded its blockchain-based payment platform, Kinexys Digital Payments, to support British pound (GBP) transactions, enabling corporations to move funds across borders in real time, 24 hours a day. The move adds GBP to existing euro (EUR) and dollar (USD) offerings, marking a strategic push to modernize cross-border finance for multinational clients like LSEG’s SwapAgent and commodities giant Trafigura.
Key Features of the GBP Blockchain Expansion
• Round-the-Clock Transactions: Clients can now execute GBP, EUR, and USD payments outside traditional banking hours, including weekends.
• Foreign Exchange Integration: Near-instant currency conversions reduce settlement risks and delays, particularly for trades spanning New York, London, and Singapore.
• Programmable Payments: An “if-this-then-that” interface automates treasury workflows, such as sweeping funds between accounts or timing payments to optimize liquidity.
Why Major Corporations Are Adopting It
SwapAgent, a post-trade division of the London Stock Exchange Group (LSEG), is piloting the GBP accounts to settle derivatives trades faster. Nathan Ondyak, SwapAgent’s CEO, noted the platform could help “manage settlements in a programmable manner,” bypassing legacy system bottlenecks.
Trafigura, a global commodities trader, plans to use the service for real-time payments across its financial hubs. Chris McLaughlin, Trafigura’s Global Head of Treasury, emphasized the platform’s potential to “streamline operations and enhance competitiveness” in fast-paced markets.
Growth and Industry Impact
Since its 2019 launch, Kinexys has processed over $1.5 trillion in transactions, with daily volumes averaging $2 billion. While still a fraction of JPMorgan’s traditional payment flows, the platform’s 10x annual growth in payments highlights rising corporate demand for blockchain efficiency.
The expansion aligns with broader trends in tokenized finance. JPMorgan recently integrated Kinexys with its foreign exchange services, allowing clients to settle trades on-chain—a step toward reducing reliance on fragmented legacy systems.
What’s Next?
JPMorgan aims to add more currencies and explore applications in collateral management, building on projects like its Tokenized Collateral Network. With rivals like HSBC and BlackRock also advancing blockchain solutions, the race to digitize global finance is accelerating.
