Ant International has successfully completed one of the first near-instant USD to EUR FX onchain cross-border payments in Asia through Kinexys Digital Payments. The solution provides businesses with uninterrupted access to liquidity across selected  global currencies including USD, EUR and GBP*, enabling them to conduct transactions outside of designated market hours and beyond the limitations of traditional market cutoff times.

A global payment and fintech services provider, Ant International has integrated Kinexys Digital Payments into its blockchain-based treasury management platform, Whale, to further enhance the efficiency and reliability of multi-currency cross-border payments and liquidity management for its fast-growing funds flow.

Kelvin Li, General Manager of Platform Tech at Ant International, said, “By overcoming limited settlement windows and currencies, onchain FX settlement is revolutionizing cross-border payments to achieve new economic efficiencies, especially for complex markets in Asia. With this milestone, we aim to enable more secure, reliable and transparent real-time cross-border payments solutions for businesses of all sizes across travel, trade and commerce sectors in this region and beyond.”

Since 2021, Ant International has collaborated with J.P. Morgan, leveraging the firm’s global Markets FX solutions to facilitate real-time multi-currency settlement and streamline cross-bank transactions for its network across key markets in Asia, Europe and the Middle East. Last year, J.P. Morgan processed billions of USD transactions for Ant International using Kinexys Digital Payments.

Terry Harcott, Global Head of FX Services Payments Product at J.P. Morgan, said, “Our solution offers near real-time settlement, supported by one of the largest liquidity pools in the market. This positions Ant International for further growth, driven by the innovative Kinexys Digital Payments network and J.P. Morgan’s extensive FX market coverage.”

Akshika Gupta, Global Head of Client Solutions at Kinexys by J.P. Morgan, said, “This collaboration bridges fintech agility with institutional stability and empowers global businesses to move capital quickly, seamlessly and securely. We’re pleased to help Ant International unlock truly 24/7 onchain FX.”

Check out media coverage in Ledger Insights and learn more about Kinexys Digital Payments here.

*Please note that only select currencies are currently available for client use on Kinexys Digital Payments, which may be subject to change.