LSEG’s post-trade business Swap Agent and commodities trader Trafigura are set to be the first in the UK to open GBP-denominated deposit accounts through JPMorgan’s blockchain division, Kinexys.
With these new accounts, SwapAgent and Trafigura will have the ability to perform real-time cross-border and programmable transactions, allowing for 24/7 foreign exchange activities. This launch in the UK follows the successful rollout of FX capabilities and EUR-denominated blockchain accounts by Kinexys Digital Payments in Frankfurt.
SwapAgent plans to utilize these accounts for its digital post-trade services pilot project and is considering the expansion of blockchain accounts for broader services. This will enable operations beyond traditional branch cut-off times and facilitate liquidity management around the clock in a programmable way.
On the other hand, Trafigura intends to leverage this technology for real-time fund transfers between New York, London, and Singapore. Chris McLaughlin, global head of group treasury at Trafigura, stated, “By implementing programmable payments and adopting Blockchain Deposit Accounts for real-time cross-border transfers, we believe we are poised to benefit from a transformative financial solution that will streamline our operations and enhance our competitive edge in the global commodities trading landscape.”
Since its inception, JPMorgan’s Kinexys platform has processed over $1.5 trillion in transaction volume, with an average daily transaction volume exceeding $2 billion.