Axis Bank and J.P. Morgan launch 24/7 Blockchain-powered dollar payments

By Gloria Methri

Axis Bank has partnered with J.P. Morgan to introduce real-time, 24/7 U.S. dollar clearing for its commercial clients, making it the first Indian bank to leverage blockchain-based infrastructure for cross-border transactions.

Powered by Kinexys Digital Payments (KDP), a unit of J.P. Morgan’s Kinexys platform, this solution enhances transaction speed, certainty, and efficiency for businesses engaged in global trade. It enables programmable payments and multi-bank cash concentration, catering to evolving corporate treasury needs.

“We are excited to work with Kinexys by J.P. Morgan to deliver a first in the market – 24/7 programmable USD clearing capability for our Institutional and Commercial Banking clients for their cross-border payments, out of GIFT City (Gujarat International Finance Tech City),” said Neeraj Gambhir, Group Executive & Head- Treasury, Markets & Wholesale Banking Products.

“In Transaction Banking at Axis Bank, we have always focused on being innovative and bringing best-in-class, forward-looking payment and digital capabilities to help our clients manage their Treasury function optimally. With this collaboration, we are bringing significant value to our clients through streamlining payments, unlocking liquidity and, above all, adding further optionality on cross-border payments, utilising blockchain-based payment rails that are fit for growth. This capability, amongst others launched this year, positions Axis Bank’s International Banking Unit well to be our clients’ transaction bank of choice from GIFT City.”

Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, said, “The innovation-first mindset from the Axis Bank’s leadership team was instrumental in launching the first-of-its-kind blockchain-based payments capability to its Indian consumer and corporate client base. Our work with Axis Bank marks the next step in creating a growing industry-wide blockchain-based financial ecosystem with interoperability among central bank digital currencies, stablecoins and other digital currency solutions.”

Since its launch, Kinexys has processed over $1.5 trillion in transaction volume, with a daily average exceeding $2 billion. The platform has witnessed a 10x year-over-year surge in payment transactions, underscoring the growing demand for real-time cross-border payments.

This collaboration marks a significant step in India’s financial landscape. It will provide businesses with greater control and flexibility over their international payments while leveraging blockchain for enhanced transparency and security.