Alibaba Teams Up with J.P. Morgan to Develop Tokenized Payment System
BlockBeats News, November 14th, Alibaba's cross-border e-commerce platform Alibaba.com announced a partnership with JPMorgan Chase to introduce a tokenized payment system, providing a faster cross-border settlement solution for its global B2B business.
This partnership is seen as one of the first large-scale implementations of bank-endorsed blockchain technology in the international trade field. The collaboration was announced at the CoCreate Europe event held in London.
Alibaba stated that it will leverage JPMorgan Chase's tokenization infrastructure to address long-standing pain points in cross-border B2B payments, such as multiple intermediaries, high exchange costs, and lengthy settlement cycles. Traditional cross-border payments often require multiple bank transfers, while tokenized payments can achieve synchronous cross-jurisdictional fund flows, significantly reducing delays and costs. (Jinse)
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