- Axis Bank partners with JP Morgan’s Kinexys Digital Payments platform to enable 24/7 cross-border USD transactions.
- The blockchain-based solution eliminates timing constraints caused by different bank operating hours globally.
- Kinexys (formerly JPM Coin) has processed over $1.5 trillion in transactions and currently averages $2 billion daily.
Axis Bank, one of India‘s five largest banking institutions, is implementing JP Morgan’s blockchain-based Kinexys Digital Payments platform for international transactions. The integration aims to overcome traditional limitations in Swift payments caused by differing bank operating hours across global time zones, enabling round-the-clock instant payment capabilities.
The partnership focuses on providing 24/7 programmable USD clearing abilities for institutional and commercial clients conducting cross-border payments through India’s GIFT City (Gujarat International Finance Tech City). This technological advancement addresses a critical challenge for multinational corporations with subsidiaries spread worldwide.
“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,” stated Neeraj Gambhir, Group Executive & Head-Treasury, Markets & Wholesale Banking Products at Axis Bank.
Gambhir added: “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, utilizing blockchain-based payment rails that are fit for growth.”
The implementation follows JP Morgan’s piloting of Kinexys in GIFT City since 2023, which began as a Sandbox trial involving five banks, including Axis Bank. GIFT City has positioned itself as an emerging financial hub competing with established centers like Singapore and Dubai. The financial zone recently launched a consultation regarding tokenization, further demonstrating its progressive approach to financial technology.
Beyond India, Kinexys has gained traction with other financial institutions, including Bahrain’s Bank ABC and First Abu Dhabi Bank. The platform extends beyond payment processing, supporting additional applications such as tokenized collateral. The system has demonstrated significant usage metrics, having processed more than $1.5 trillion in total transactions while maintaining a daily average of approximately $2 billion.
For corporations, the blockchain-based solution eliminates the need to maintain excess cash reserves that traditionally compensated for timing differences in international transfers. The programmable payment capabilities represent another key advantage of the platform’s design.
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