LSEG’s SwapAgent and Trafigura First to Open GBP-denominated Blockchain Deposit Accounts from Kinexys by J.P. Morgan

Kinexys by J.P. Morgan, the firm’s blockchain business unit, has launched GBP-denominated Blockchain Deposit Accounts on Kinexys Digital Payments in J.P. Morgan Chase Bank, N.A.’s London branch – one of the first blockchain products of its kind in the UK.  SwapAgent Ltd (“SwapAgent”), an LSEG Post Trade Solutions business, and Trafigura will be the first clients to open London accounts on the platform, marking the first time in the UK that companies will actively be using blockchain accounts for 24/7 real-time payments and cross-border transactions.

The new GBP-denominated blockchain accounts enable clients to conduct seamless cross-border transactions, including 24/7 foreign exchange (FX). Clients can access funds on demand with weekend processing and extended same-day FX settlements, offering enhanced flexibility, speed and efficiency. This launch follows the successful introduction of FX capabilities and EUR-denominated blockchain accounts in Frankfurt, further expanding Kinexys Digital Payments’ global solutions. 

SwapAgent will be opening Kinexys Digital Payments’ London blockchain accounts for its digital post trade services pilot project, and is considering opening additional blockchain accounts for its broader native offerings, allowing it to operate beyond traditional branch cut-off times and manage liquidity 24/7 in a programmable manner.

“Integrating the innovative Kinexys Digital Payments blockchain deposit accounts into our SwapAgent offerings could allow us to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future. As we expand SwapAgent’s settlement capabilities and enhance our digital presence, we’re eager to collaborate with Kinexys by J.P. Morgan,” said Nathan Ondyak, CEO at SwapAgent, part of the London Stock Exchange Group. 

Trafigura, one of the world’s largest suppliers of commodities, will be leveraging the London-based Blockchain Deposit Accounts to provide 24/7 real-time payments across their global financial centres, including New York, London and Singapore. They will also implement programmable payments to automatically move funds and adopt Blockchain Deposit Accounts for real-time cross-border transactions. 

Chris McLaughlin, Global Head of Group Treasury at Trafigura, said, “We are excited to advance our capabilities with Kinexys Digital Payments blockchain deposit accounts in the UK. This collaboration with Kinexys by J.P. Morgan will enable us with 24/7 near-real-time payments across major global financial centers. 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 inception, over $1.5 trillion in transaction volume has been processed on the Kinexys platform, the average daily transaction volume across the Kinexys platform is over $2 billion and it has seen 10x year-over-year growth in payments transactions. Kinexys Digital Payments also offers Programmable Payments, which allow clients to automate transactions with an intuitive, self-serve “if-this-then-that” interface.