JPMorgan and Indian Banks Launch Blockchain Platform for 24/7 Interbank Transactions

JPMorgan has partnered with six Indian banks to deploy a blockchain-based platform in India's newest international financial hub, GIFT City. This development is expected to significantly boost New Delhi's efforts to position GIFT City as an alternative trading centre to Singapore and Dubai.

The Reserve Bank of India has already opened a domestic dollar settlement market at GIFT City. However, in the current settlement system, settlements can take several hours to complete, and transactions are not processed on weekends or holidays. A new, real-time, blockchain-based system will remove these hindrances and make settlement available 24/7.

Using blockchain technology to facilitate transactions, processing will be instant, allowing GIFT City banks to maintain their time zone and opening hours. The pilot project will use the JPMorgan Onyx blockchain platform created in 2020 for wholesale payment transactions.

Image: QuiFinanza