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Six Indian banks to use JPMorgan’s Onyx blockchain to settle dollar trades

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JPMorgan Chase & Company will launch a pilot project on June 5th that will allow banks to settle interbank dollar transactions on its blockchain-based platform. bloomberg report today.

JP Morgan has partnered with six of India’s largest private banks to participate in the pilot project. According to the report, these banks include HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, Indus India Bank, as well as JP Morgan’s banking arm in Gujarat International Finance Tech City (Gift City). ing.

Kaustub Kulkarni, a senior country officer in India and vice chairman of JP Morgan’s Asia Pacific, told Bloomberg that the pilot project will be implemented “over the next few months.” Kulkarni said the project will help assess the performance and user experience of banks using blockchain platforms.

As stated in the report, the pilot project will begin once it receives approval from the International Financial Services Center authorities. The project will use JP Morgan’s Onyx blockchain platform, launched in 2020, to facilitate large-scale payment transactions.

Under the current system, dollar trade settlement takes several hours. However, payments are not made on weekends and holidays. According to the report, a blockchain-based system aims to eliminate these constraints and enable 24-hour trade settlement. Kulkarni said:

“By leveraging blockchain technology to facilitate 24/7 transactions, processing is instantaneous and GIFT City Bank will be able to support its own time zones and operating hours.”

An article about six Indian banks using JP Morgan’s Onyx blockchain to settle dollar transactions first appeared on CryptoSlate.

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