Axis Bank has partnered with JPMorgan’s blockchain division, Kinexys, to launch India’s first 24/7 programmable USD clearing service for corporate clients, leveraging distributed ledger technology for near-instant cross-border transactions. The collaboration marks a significant milestone in India’s digital banking evolution, with transactions routed through the GIFT City international financial hub.
Key Features of the Blockchain Payment System
- Real-time USD settlements at any hour, bypassing traditional banking cutoffs
- $1.5 trillion in processed volume on Kinexys’ platform to date
- $2 billion daily transaction flow, reflecting 10x YoG growth
- Automated multi-bank cash management for corporate treasuries
The Kinexys Digital Payments (KDP) platform—which has powered JPMorgan’s blockchain-based deposit accounts since 2019—enables Indian businesses to receive dollar payments outside conventional banking hours for the first time.
Neeraj Gambhir, Axis Bank’s Group Executive, emphasized the strategic advantage: “This transforms cross-border liquidity management, combining blockchain efficiency with GIFT City’s regulatory flexibility.”
JPMorgan’s Naveen Mallela highlighted the partnership’s role in building an interoperable digital asset ecosystem, bridging future central bank digital currencies (CBDCs) and stablecoins. The move follows Axis Bank’s 2023 experiments with INR-linked blockchain bonds at GIFT City.