JPMorgan Revolutionizes FX Settlement with Indian Banks Through Blockchain

JPMorgan Revolutionizes FX Settlement with Indian Banks Through Blockchain

Time Stamp: June 5, 2023 6:53 AM
  1. JPMorgan collaborates with six Indian banks for a blockchain forex settlement platform
  2. The real-time blockchain system aims to enable 24/7 interbank dollar transactions
  3. The initiative strengthens GIFT City’s position as an emerging global financial hub

In a groundbreaking move for India’s financial sector, JPMorgan Chase & Co. has formed a strategic partnership with six Indian banks, introducing a pioneering blockchain-based platform set to transform interbank dollar transactions, according to Bloomberg. This innovative application of technology marks a significant step towards the establishment of the Gujarat International Finance Tec-City, GIFT City, as a notable player in the global financial arena, rivaling hubs like Singapore and Dubai.

Under the current system, settlements can take hours and do not occur on weekends or public holidays. However, the new real-time, blockchain-backed system will eliminate these constraints, making the process available round-the-clock.

Kaustubh Kulkarni, Senior Country Officer, India and Vice Chairman, Asia Pacific at JPMorgan noted,

By leveraging blockchain technology to facilitate transactions on a 24×7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.

The pilot project, leveraging JPMorgan’s blockchain platform Onyx, launched after receiving approval from the International Financial Services Center Authority. The initiation of this project not only underscores JPMorgan’s innovative approach to banking but also highlights the potential of blockchain technology in transforming the financial industry, with implications far beyond India’s shores.

As we cast our eyes to the horizon, the future of JPMorgan in the crypto space appears promising. With the successful implementation of this pilot, the bank could cement its position as a global leader in blockchain-based financial solutions. CryptoNewsLand eagerly awaits JPMorgan’s official comment on this revolutionary project.

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Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature’s beauty.

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