Mastercard & Kinexys Streamline Cross-Border Payments
Mastercard and Kinexys Digital Payments have joined forces to streamline international payments. The integration allows clients of both solutions to send payments across different networks, enhancing speed and settlement capabilities.
The collaboration sees Mastercard's Multi-Token Network (MTN) for tokenized deposits and assets integrate with Kinexys' platform. This offers a simplified solution for banks to engage with tokenized deposits and provides interoperability with multiple blockchain networks, including Kinexys.
Raj Dhamodharan, EVP of Blockchain and Digital Assets at Mastercard, expressed excitement about the integration. He believes it unlocks greater speed and settlement capabilities for the entire value chain. Both companies highlighted benefits for international payments, including speed, transparency, and time zone differences.
The first bank in Qatar to adopt Kinexys' platform has partnered with Mastercard. This institution uses the platform to process US dollar transactions for businesses. While no other major companies or institutions have been mentioned, the integration is expected to attract more clients due to its simplified and efficient process.
Mastercard's integration of its Multi-Token Network with Kinexys Digital Payments promises faster and more efficient international payments. The first Qatari bank to adopt the platform signals a positive start. As more institutions adopt the solution, it could significantly impact global business transactions.
