Source: The Block
Axis Bank, a private sector bank, became the first Indian financial institute offering near-real-time, 24*7 programmable USD clearing for all its connected commercial clients. It will soon be available for clients attached to or connected with JP Morgan’s digital assets unit Kinexys.
Kinexys Digital Payments (KDP) launched its blockchain deposit account in 2019 and will soon power this development for its clients. The blockchain deposit accounts with Kinexys are being used 24/7 worldwide, with multiple currency movements across borders, driving a number of organizations together.
According to a statement sent to Finextra by JP Morgan, there are over $1.5 trillion in transactions done through the platform, Kinexys. Summing up this transaction, the average daily transaction volume across the Kinexys platform is over $2 billion. Additionally, every year around 10xx of its payment transactions grow year-by-year.
With the help of the KDP platform, Axis Bank would now be able to offer cross-border payments at any time to all its clients. The platform that has been getting ready or made ready with blockchain technology ensures payments are processed efficiently. This would surely open new possibilities for people or businessmen managing cash across multiple banks in an automated way.
This is the first time that any Indian financial institute would now be able to receive payments in dollars at any time. The decisions related to these transactions would be based on the international financial services centre, Gujarat International Finance Tec-City (GIFT City).
This collaboration between Axis Bank and Kinexys will bring value to the clients, providing streamlining payments, unlocking liquidity, and cross-border payment options for all the clients utilizing the blockchain-based application Kinexys….By Neeraj Gambhir (group executive and head - treasury, markets and wholesale banking products, Axis Bank).
The global co-head of Kinexys by JP Morgan, adds: the innovation was first put forth by the Axis Bank’s leadership team in launching the first-of-its-kind blockchain-based payments capability to all its Indian consumers and corporate-based Indian clients needed to have cross-border payments. This step taken in collaboration with Axis Bank will a growing industry-wide blockchain-based financial ecosystem, providing the facility to exchange currencies among central bank digital currencies, stablecoins and other digital currency solutions.
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