What happened?
Commercial real estate loan servicer Trimont LLC is now using JPMorgan’s Kinexys blockchain to speed up and automate its loan payment processing. The Atlanta-based firm, which manages around $730 billion in assets, began using the Kinexys Digital Payments network in August and plans to expand its usage over the next year.
Who does this affect?
This change primarily impacts Trimont and its clients, who can now receive their payments two days earlier than before. Additionally, this move affects JPMorgan and its Kinexys platform because it helps to validate the utility of using blockchain technology for payment processing within the commercial real estate industry.
Why does this matter?
This matters as it demonstrates a growing shift towards blockchain-based financial infrastructure within the broader market. Accelerating transaction times can lead to significant improvements in efficiency and liquidity for businesses. By successfully implementing a blockchain system for large-scale, commercial transactions, Trimont and JPMorgan could inspire other firms to explore this technology further.