tl;dr
Corpay, Inc. has integrated J.P. Morgan’s Kinexys Digital Payments blockchain into its Cross-Border business to facilitate near real-time foreign exchange conversions using commercial bank money. This technology extends trading hours, enables settlement within 30 seconds, and reduces settlement risk...
Corpay, Inc. (NYSE: CPAY), a global leader in corporate payments, has announced that its Cross-Border business now facilitates foreign exchange (FX) conversions using J.P. Morgan’s Kinexys Digital Payments blockchain. This payment rail enables near real-time value transfer using commercial bank money and is powered by Kinexys, J.P. Morgan’s blockchain unit.
By integrating Kinexys Digital Payments, Corpay Cross-Border extends trading hours for its global clients and achieves settlement speeds unattainable with traditional fiat FX systems without locking up significant liquidity. For example, a UK-based client completed an FX trade converting USD to GBP after the Friday market close, with settlement occurring within minutes and funds delivered via the UK Faster Payments network.
Paul Bregg, Treasurer at Corpay Cross-Border Solutions, highlighted the benefits of this technology, emphasizing greatly expanded trading hours, settlement times under 30 seconds in most cases, and reduced settlement risk for counterparties. Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments, expressed enthusiasm about supporting Corpay in unlocking efficiencies and enabling a 24/7 frictionless FX market, thereby empowering new business flows and optimizing working capital management.
Since its launch, the Kinexys platform has processed over $1.5 trillion in notional value, averaging more than $2 billion daily with payments transactions growing tenfold year-over-year, underscoring the robust adoption and scalability of this blockchain-powered payment solution.