Mastercard's Multi-Token Network (MTN) has connected to Kinexys Digital Payments as a payment settlement solution.

With the integration, Mastercard aims to improve the availability of B2B cross-border payments for business applications on MTN. As a result, both MTN and Kinexys customers will be able to settle B2B transactions through a single API integration.

Kinexys Digital Payments is a “next-generation” payment rail powering real-time value transfer using commercial bank money, offered through Kinexys by JP Morgan, the firm’s blockchain business unit.

The system uses blockchain technology to facilitate real-time, multicurrency transactions. Some of its key features include the option for customised and automated transactions and 24/7 payment processes in multiple currencies.

Mastercard's MTN is a platform which leverages blockchain technology designed to facilitate the creation, issuance, and redemption of digital assets. It offers a suite of tools via API integrations, and supports various digital assets, including tokenised bank deposits and central bank digital currencies.

“Kinexys by JP Morgan and Mastercard are respectively providing solutions designed to improve the efficiency of commercial transactions,” said Mastercard, adding that the solutions aim to improve cross-border transactions while boosting transparency and faster settlement.

Naveen Mallela, co-head of Kinexys by JP Morgan said: “At Kinexys, we believe our solutions can have a transformative role in the ecosystem for digital global commerce and digital assets, where the value proposition of commercial transaction venues is enhanced by the availability of commercial bank payment rails that can natively integrate with any digital marketplace or platform.”

Raj Dhamodharan, executive vice president, blockchain and digital assets at Mastercard, said that both Mastercard and Kinexys by JP Morgan have been committed for years to innovating for the future of digital asset and commercial infrastructure.

“By bringing together the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments, we are unlocking greater speed and settlement capabilities for the entire value chain,” he added.

Earlier this month, Mastercard announced its plans to phase out manual card and password entry in favour of smiles and fingerprints by the end of 2030.

The company said it plans to replace the need for manual card entry and static or one-time passwords by combining tokenisation and biometric authentication for more secure payment processes.

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