News

Axis Bank and J.P. Morgan Introduce Blockchain-Based 24/7 Cross-Border Payment System.

Banking & Finance | Dated: 01 Apr 2025

In March 2025, Mumbai (Maharashtra)-based Axis Bank Limited, one of India's largest private sector banks, collaborated with New York (United States of America, USA)-based J.P. Morgan Chase & Co., a leading global financial services firm, to introduce real-time, 24/7 programmable USD clearing capabilities for its commercial clients.

🎯 Key Highlights:

- The initiative is powered by Kinexys Digital Payments (KDP), the blockchain and digital assets unit of J.P. Morgan, enabling seamless cross-border payment solutions from Gujarat International Finance Tec-City (GIFT City), an International Financial Services Centre (IFSC) in Gujarat, India.
- Axis Bank becomes the first Indian financial institution to offer near-real-time USD clearing for cross-border payments, allowing businesses to make or receive dollar payments anytime.
- The platform leverages blockchain technology to enable multi-currency, 24/7 payment movements with programmable payments, reducing liquidity costs and enhancing cash management efficiency.

💡 Other Important Facts:

(i) The round-the-clock USD clearing facility will be managed from Gujarat International Finance Tec-City (GIFT City), reinforcing India's position as a global financial hub.
(ii) The integration of Kinexys Digital Payments (KDP) enables Axis Bank’s clients to streamline payments, unlock liquidity, and execute cross-border transactions seamlessly, while automated cash management and no-deduction payment rails further optimize payments and liquidity.

📚 Test Your Knowledge:

Recently, which Indian bank partnered with J.P. Morgan to introduce a blockchain-based 24/7 cross-border payment system?

Correct Answer: Axis Bank

🚀 Quick Recap:

About Axis Bank Limited

Chief Executive Officer (CEO) : Amitabh Chaudhry
Headquarter : Mumbai