- FedEx is now using JP Morgan’s Kinexys blockchain-based digital payments platform.
- Kinexys allows corporations to transfer funds instantly between JP Morgan branches at any time.
- The platform supports transactions in U.S. dollars, euros, and pounds and enables programmable payments.
- FedEx uses Kinexys with JP Morgan’s notional pooling, allowing group subsidiaries to manage overdrafts without needing actual balance transfers.
- Few non-financial companies have adopted Kinexys publicly, with Siemens being the first to do so in 2021.
FedEx has started using JPMorgan.com/kinexys/index”>JP Morgan’s Kinexys Digital Payments, a platform based on blockchain technology. The new system enables the company to move funds quickly and securely between JP Morgan accounts around the world. Kinexys operates continuously, supporting transactions in U.S. dollars, euros, and pounds.
The Kinexys platform is designed to help corporate finance teams, also known as treasury departments, to manage payments at any hour, seven days a week. Kinexys also allows payments to be “programmable,” giving treasurers more control over how and when funds are sent.
FedEx combines this payment technology with JP Morgan’s “notional pooling” service. Notional pooling lets different subsidiaries within the same group access overdrafts if another subsidiary has extra funds in its account, without the need to physically transfer cash between those accounts.
Few large companies outside of the financial sector have announced participation with the Kinexys platform. Siemens was the first non-financial company to publicly use Kinexys—previously called JPM Coin—in 2021. It was also the first to use programmable payments after that feature was introduced, according to the report.
Most of the public clients for Kinexys so far have come from the financial services industry. More details about other users have not been disclosed.
For more about the platform or company, visit the official sites for FedEx or JP Morgan Kinexys.
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