Axis Bank in India integrates JP Morgan's blockchain technology for digital payments.
JPMorgan's Kinexys Digital Payments Revolutionises Cross-Border Payments
JPMorgan's Kinexys Digital Payments, formerly known as JPM Coin, is rapidly expanding as a blockchain-based settlement and digital payment system. This innovative technology is making waves in major international financial centres, including London and parts of the Middle East, revolutionising cross-border payments for large corporates.
The platform, which supports instant settlement through blockchain deposit accounts, is reducing settlement risk and operational costs while maintaining security equivalent to traditional rails. Marex, a global financial services platform, has become the first clearing firm to adopt Kinexys, enabling streamlined, blockchain-based clearing and settlement.
In London, JPMorgan has launched GBP-denominated Blockchain Deposit Accounts, making it one of the first blockchain products of its kind in the UK. This strategic expansion into key international financial centres is indicative of the platform's growing global reach.
Eight of the largest financial institutions in the Middle East and North Africa, including Qatar National Bank and Saudi National Bank, are already live on the Kinexys platform. The platform has processed over $2 trillion in notional value with daily transaction volumes averaging $3 billion, demonstrating its broad international reach and growing ecosystem scale.
Kinexys is not limited to cross-border payments. It also supports tokenized collateral, adding another layer of versatility to its capabilities. The platform's programmable, always-on digital ledger technology allows near real-time clearing 24/7, enhancing speed, efficiency, and reducing settlement risk compared to legacy systems.
One of the latest collaborations involves Axis Bank, one of India's top five banks, which will use Kinexys for cross-border payments. This collaboration aims to deliver a first in the market - 24/7 programmable USD clearing capability for Institutional and Commercial Banking clients.
GIFT City, Gujarat International Finance Tech City, is another potential hotspot for Kinexys' expansion. Although there is no explicit mention of Kinexys operations or expansion in GIFT City as of now, JPMorgan's broad international footprint and ongoing global expansion efforts suggest that an entry into such emerging international financial centres is a plausible near-future development.
Recent developments in GIFT City include a consultation on tokenization, aiming to compete with international financial centres such as Singapore and Dubai. As the financial landscape continues to evolve, it will be interesting to see how Kinexys' impact unfolds in these emerging markets.
A report on bank-issued stablecoins and tokenized deposits, titled "Bank-Issued Stablecoins and Tokenized Deposits: A Comprehensive Guide," features more than 70 projects but does not mention any specific banks or financial institutions involved in the projects.
In summary, Kinexys Digital Payments is rapidly scaling as a global blockchain-based payments infrastructure, processing multi-trillion-dollar volumes and enabling faster, more secure cross-border payments for large corporates. Its impact is reflected in increased efficiency, reduced risk, and new programmable payment features disrupting traditional international financial settlement systems.
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