South Korean banks test JPMorgan blockchain payments

• South Korean banks are testing JPMorgan's Kinexys payment network.
• The trial aims to speed up cross-border money transfers.
• The project highlights growing interest in blockchain-based banking.

Several South Korean banks are testing JPMorgan's Kinexys blockchain payment network to improve international money transfers.

The pilot aims to make cross-border payments faster and more efficient by using blockchain technology instead of traditional banking systems.

Kinexys, formerly known as Onyx, is JPMorgan's blockchain platform for moving money and settling transactions between financial institutions.

South Korean banks are exploring the technology as demand grows for faster and more reliable international payment services.

The trial reflects a wider trend of major banks adopting blockchain to improve payment systems while staying within existing financial regulations.

The results of the pilot could influence how banks in South Korea use blockchain for future cross-border payments.