Morgan Chase has expanded its ranks. Kinexys Monetary coverage of block chain payment networks. With the addition of five new Asia-Pacific currencies, institutional clients have been able to use eight new currencies within the network for round-the-clock payments and foreign exchange settlements. This also shows that large banks are still pushing for the upgrading of cross-border financial flows.

5 new Asia-Pacific currencies

The currencies that entered Kinexys this time include the Australian dollar, the Hong Kong dollar, the Japanese yen, the renminbi and the Singapore dollar. The platform had previously supported United States dollars, euros and pounds sterling.

According to Chase Morgan, the new currency is connected to the Kinexys block chain deposit account network. Deposits held by customers in banks are digitized into the chain and transfers and settlements are made within the network.

  • New currency: Australian dollar, Hong Kong dollar, Japanese yen, renminbi, Singapore Dollar
  • Original currency: United States dollar, euro, pound sterling
  • Current total: 8 currencies

Main 7 x 24-hour settlement

Cross-border payments have long faced a real problem: funds often need to be transited through multiple banks, and are subject to local banking time limits, with an unstable speed of entry and efficient transfer. Kinexys seeks to address the delays caused by these time zones and liquidation points.

The network is operated by Chase Morgan and is maintained and settled using a permit block chain. Owing to the continuous operation of the system, business clients can complete the transfer of funds, foreign exchange and liquidity within 24 hours of 7 days a week.

It was mentioned that the platform did not use encrypted currencies such as bitcoin as a clearing asset, but rather based on bank deposits within the Morgan Chase system to achieve near real-time chain settlements within a regulated banking framework.

The first clients are already in use.

The financial technology company Payoneer has started using the Australian dollar version of the service, which is intended to improve the efficiency of cross-border payment settlements and to move funds more quickly between different markets.

JERA’s trading arm, JERA Global Markets, became the first customer to use Japanese yen accounts. For energy traders, the rapid mobilization of large amounts of money across time zones is usually directly related to the efficiency of transaction performance and cash management.

Over $4 trillion in cumulative processing transactions

According to Chase Morgan, since it went online, Kinexys has cumulatively processed over $4 trillion in transactions, with a daily average of over $7 billion. With the expansion of Asia-Pacific monetary coverage, the network has further deepened its distribution in one of the regions most active in global trade and foreign exchange activities.

In terms of industry trends, banks are trying to adapt traditional cross-border payment processes with chain bookkeeping, tokenized deposits and round-the-clock liquidity. This expansion of Chase Morgan reflects the move from pilot to wider practical use of enterprise-level block-linking.