Yesterday, Kyriba announced that it had integrated Onyx by JP Morgan with its cloud treasury solution. Specifically, its clients with JP Morgan bank accounts can manage their JPM Coin blockchain-based accounts to send 24/7 cross-border payments to other branches.
Kyriba is a cloud based corporate treasury solution that aims to optimize liquidity. While it only has around 3,000 customers, they manage more than $15 trillion in payments annually via Kyriba’s solution. Clients include Conde Naste, Koch Industries and Spotify.
Initially, JPM Coin was only available for US dollar accounts, but it expanded to Euros last year.
Now with the Kyriba integration, clients can manage their JPM Coin accounts using Kyriba’s treasury management system (TMS).
“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,” said Abhinav Natarajan, Global Product Head of JPM Coin.
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Other JPM Coin initiatives
Meanwhile, JP Morgan is also interested in leveraging its Coin System for FX and securities settlement. In a recent news, its German subsidiary will participate in European Central Bank (ECB) trials for wholesale DLT payments and central bank digital currency (CBDC). The initial purpose is securities settlement.
While JPM Coin enables payments between JPM branches, JP Morgan is also one of the founders of Partior, a multi bank blockchain payment network that includes DBS and Standard Chartered.
The two initiatives – the ECB trials and participation in Partior – are not conceptually unrelated. Partior is essentially a correspondent banking network where settlement banks enable 24/7 real time payments. However, the settlement banks still pay each other in the conventional way. A wholesale CBDC could allow real time interbank settlement.
