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South Korea's largest lender is bringing a new payment service onto JPMorgan's Kinexys blockchain platform, targeting US dollar settlements for import and export businesses across 10 countries.
The case for the move rests on the familiar friction of correspondent banking: slow settlements and fees that stack at every hop, with little visibility into where funds sit.
What complicates it is that the infrastructure removing that friction belongs to one of the largest US banks competing in the same trade-finance space.
What Kinexys actually does Kinexys is JPMorgan's blockchain-based platform for processing payments.
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