Ant International, the affiliate of China’s Alipay, was one of the first major customers for JP Morgan’s Kinexys Digital Payments. A year ago, JP Morgan said Ant had processed billions of dollars in programmable payments. Now Ant is amongst the first Asian companies to use the blockchain solution for near instant FX settlement involving dollars and euros, using an onchain FX swap.
Beyond programmability, a key benefit of most DLT bank payments is the ability to transact 24/7 in real time, without the need to worry about bank cut off times. In the case of Kinexys, it currently supports USD, EUR and GBP.
“By overcoming limited settlement windows and currencies, onchain FX settlement is revolutionizing cross-border payments to achieve new economic efficiencies, especially for complex markets in Asia,” said Kelvin Li, General Manager of Platform Tech at Ant International. “With this milestone, we aim to enable more secure, reliable and transparent real-time cross-border payments solutions for businesses of all sizes across travel, trade and commerce sectors in this region and beyond.”
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