Revolutionizing Finance: Axis Bank and JP Morgan Unveil 24/7 Blockchain-Powered Cross-Border Payment Solution
Kinexys Digital Payments (KDP) is revolutionizing the financial landscape by leveraging its blockchain deposit accounts, which were launched in 2019. These innovative accounts are rapidly being adopted by organizations worldwide, facilitating seamless 24/7 multi-currency payment transactions across borders.
Impressive Transaction Volume on the Kinexys Platform
According to a recent statement from JP Morgan, the Kinexys platform has processed over $1.5 trillion in transaction volume. Notably, the platform sees an average daily transaction volume exceeding $2 billion, showcasing a remarkable 10x year-over-year growth in payment transactions.
Enhanced Cross-Border Payment Capabilities
With the integration of KDP, Axis Bank can now offer its commercial clients the ability to execute cross-border payments at any time. The utilization of blockchain technology ensures that these payments are processed efficiently, paving the way for businesses to manage cash across multiple banks in a highly automated manner.
First-Time Dollar Payment Capability for Indian Companies
This initiative marks a significant milestone, as it is the first time an Indian company will be able to receive dollar payments around the clock. This capability is set to be enabled from the Gujarat International Finance Tec-City (GIFT City), a prominent international financial services center.
Expert Insights on the Collaboration
Neeraj Gambhir, Group Executive and Head of Treasury, Markets, and Wholesale Banking Products at Axis Bank, stated: “Through this collaboration, we are delivering substantial value to our clients by streamlining payments, unlocking liquidity, and enhancing options for cross-border transactions. Our blockchain-based payment rails are designed for growth and position Axis Bank’s international banking unit as the preferred transaction bank of choice from GIFT City.”
Naveen Mallela, Global Co-Head of Kinexys by JP Morgan, emphasized the pivotal role of Axis Bank’s leadership in this initiative: “The innovation-first mindset from Axis Bank’s leadership was crucial in launching this groundbreaking blockchain-based payments capability for Indian consumers and corporate clients. Our partnership with Axis Bank represents a significant advancement in developing a comprehensive industry-wide blockchain financial ecosystem, promoting interoperability among central bank digital currencies, stablecoins, and other digital currency solutions.”
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