Kyriba Integrates Onyx by JP Morgan for 24/7 Cross-Border Payments with JPM Coin
Kyriba, a leading cloud-based corporate treasury solution, made a significant announcement yesterday regarding its integration with Onyx by JP Morgan. This integration allows Kyriba’s clients with JP Morgan bank accounts to manage their JPM Coin blockchain-based accounts to send 24/7 cross-border payments to other branches.
With over 3,000 customers managing more than $15 trillion in payments annually, Kyriba’s solution is trusted by major companies such as Conde Naste, Koch Industries, and Spotify. The integration of JPM Coin with Kyriba’s treasury management system (TMS) opens up new possibilities for clients to optimize liquidity and streamline their payment processes.
Abhinav Natarajan, Global Product Head of JPM Coin, highlighted the benefits of this integration, stating, “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.”
In addition to this collaboration, JP Morgan is exploring other avenues for its Coin System, including FX and securities settlement. Its German subsidiary is set to participate in European Central Bank (ECB) trials for wholesale DLT payments and central bank digital currency (CBDC), with a focus on securities settlement.
Furthermore, JP Morgan is a key player in the Partior multi-bank blockchain payment network, alongside DBS and Standard Chartered. This network aims to enable real-time interbank settlements, potentially revolutionizing the way correspondent banking operates.
The integration of JPM Coin with Kyriba’s TMS and JP Morgan’s involvement in innovative initiatives like the ECB trials and Partior demonstrate a commitment to advancing the capabilities of blockchain technology in the financial sector. Stay tuned for more updates on bank-issued stablecoins and tokenized deposits from Ledger Insights.
