In a move signaling intensified competition in the cross-border payments space, J.P. Morgan Chase has introduced GBP-denominated Blockchain Deposit Accounts for its Kinexys Digital Payments (KDP) platform in London. The bank said it’s one of the first products of its kind in the U.K. with live corporate clients. Trading market infrastructure company LSEG is among the first to open an account. Its SwapAgent division and global commodities firm Trafigura will are the first to open London-based blockchain accounts, which aim to streamline 24/7 real-time payments and foreign exchange (FX) settlements across global financial centers. Benefits include: 24/7 Cross-Border Transactions: Clients can now seamlessly transact among USD, EUR and GBP anytime, including on weekends and beyond traditional branch cut-off times; Enhanced FX Capabilities: By integrating same-day and near-real-time settlements into its blockchain framework, J.P. Morgan Chase provides improved flexibility and speed for corporate treasury operations. “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,” said Nathan Ondyak, CEO at SwapAgent. Meanwhile, Trafigura, one of the world’s largest commodities suppliers, plans to harness the London-based accounts to support 24/7 global payments across financial hubs in New York, London and Singapore. Chris McLaughlin, Global Head of Group Treasury at Trafigura, said the collaboration “will enable us with 24/7 near-real-time payments across major global financial centers” and offer greater efficiency for real-time cross-border transactions.