FedEx is the latest client to adopt JP Morgan’s Kinexys Digital Payments, a blockchain-based bank account solution. Kinexys enables corporate treasury departments to instantly move money between JP Morgan branches 24/7 in dollars, euros and pounds. It also provides greater control to the treasurer, because the payments are programmable.
The global courier giant is using blockchain payments in conjunction with JP Morgan’s notional pooling service, which enables group subsidiaries to have free overdrafts provided another subsidiary has an offsetting positive bank balance – without requiring actual balance transfers between entities.
While JP Morgan has announced several Kinexys clients in financial services, fewer corporate clients have publicly disclosed their participation. In 2021 Siemens was the first customer to announce it was using the solution, then called JPM Coin. It was also the first to announce it was using programmable payments when that functionality was added.
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