Axis Bank Adopts Kinexys for Cross-Border Payments

According to PANews, Axis Bank, one of India's top five banks, is set to utilize Kinexys Digital Payments, formerly known as JPM Coin, from JPMorgan Chase for cross-border transactions. Traditional Swift payments face limitations due to differing bank operating hours, whereas JPMorgan's blockchain-based bank accounts enable 24/7 instant payments. Since 2023, JPMorgan has been piloting Kinexys in GIFT City, initially conducting sandbox trials with Axis Bank and four other banks. GIFT City aims to compete with other international financial hubs like Singapore and Dubai. Earlier this month, the city launched tokenized consulting services. Other banks using Kinexys include Bahrain's Bank ABC and Abu Dhabi's First Bank. The Kinexys blockchain supports various applications, including tokenized collateral. Kinexys has processed over $1.5 trillion in total transactions, averaging $2 billion daily.