Pacific

Pilot

Onyx

<p><strong>JPMorgan is making another big step to fully embrace blockchain technology.</strong></p>
<h2 style="text-align: center;" id="blockchain-based-interbank-settlements">Blockchain-based Interbank Settlements</h2>
<p>JPMorgan Chase has partnered with six Indian banks to <a href="https://www.businesstimes.com.sg/companies-markets/jpmorgan-turns-blockchain-us-dollar-trades-india-hub" target="_blank" rel="noopener">introduce</a> a blockchain-based platform for settling interbank US dollar transactions in India&#8217;s latest international financial hub. The pilot project will be conducted using JPMorgan&#8217;s blockchain platform, Onyx.</p>
<h2 style="text-align: center;" id="enhancing-india-8217-s-financial-hub">Enhancing India&#8217;s Financial Hub</h2>
<p>The collaboration between JPMorgan Chase and Indian banks, including HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, and IndusInd Bank, aims to boost the position of the Gujarat International Finance Tec-City (GIFT City) as an alternative trading center to Singapore and Dubai. The Reserve Bank of India has already established a domestic non-deliverable forward market settled in US dollars at GIFT City.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">JP Morgan to pilot dollar blockchain accounts in India’s GIFT City financial center <a href="https://t.co/8MAETROotq">https://t.co/8MAETROotq</a></p>
<p>— Shanny Basar (@shannybasar) <a href="https://twitter.com/shannybasar/status/1665632721765388288?ref_src=twsrc%5Etfw">June 5, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="real-time-settlements-and-round-the-clock-availability">Real-Time Settlements and Round-the-Clock Availability</h2>
<p>The existing settlement system often takes hours to complete transactions and is not available on weekends or public holidays. By implementing a real-time blockchain-backed platform, these limitations will be eliminated, enabling round-the-clock availability for transactions.</p>
<h2 style="text-align: center;" id="advantages-of-blockchain-technology">Advantages of Blockchain Technology</h2>
<p>Kaustubh Kulkarni, senior country officer, India and vice chairman, Asia Pacific at JPMorgan, explains that leveraging blockchain technology enables instantaneous processing and allows GIFT City banks to support their own time zones and operating hours.</p>
<h2 style="text-align: center;" id="launch-of-the-pilot-project">Launch of the Pilot Project</h2>
<p>The pilot project, using JPMorgan&#8217;s blockchain platform Onyx, will be launched on Monday after receiving approval from the International Financial Services Center Authority. Onyx, JPMorgan&#8217;s blockchain-based platform for wholesale payment transactions, was established in 2020.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>JPMorgan Chase&#8217;s partnership with six Indian banks to implement a blockchain-based platform for settling interbank US dollar transactions in GIFT City demonstrates the increasing adoption of blockchain technology in the financial sector. By streamlining and enhancing the settlement process, this initiative will contribute to the development of GIFT City as a prominent international financial hub, providing benefits such as real-time transactions and round-the-clock availability. The pilot project using JPMorgan&#8217;s Onyx platform marks an <a href="https://walletinvestor.com/magazine/jpmorgan-chase-seeks-trademark-for-finance-chatbot-indexgpt" target="_blank" rel="noopener">important step towards advancing</a> the efficiency and accessibility of financial transactions in India&#8217;s growing financial ecosystem.</p>

JPMorgan Chase Implements Blockchain Technology for US Dollar Trades in India Hub

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