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BankingNABARD / RBI

Axis Bank and JP Morgan 24/7 USD Clearing on Blockchain

2 April 20251 min read
BANKING & FINANCEAxis Bank and JPMorgan 24/7 USDClearing onBlockchain2 April 2025safalsetu.com

Why in the news

Axis Bank started an always-on USD clearing service for corporate customers, built with JP Morgan’s Kinexys unit.

Key facts

  • Partners: Axis Bank, JP Morgan, Kinexys Digital Payments (KDP).
  • Service: 24/7 near real-time programmable USD clearing over blockchain rails.
  • KDP scale: over $1.5 trillion since 2019; about $2 billion daily.
  • Called a first in India for institutional clients.

Significance

  • Faster settlement frees working capital and cuts settlement risk.
  • Works with CBDCs, stablecoins and other digital assets; may lead to multi-currency instant payments.

Exam angle

  • Bank: Axis Bank; platform: Kinexys; related term: CBDC.

Test yourself

1. Which bank launched 24/7 programmable USD clearing with JP Morgan's Kinexys Digital Payments for Indian business clients?

Axis Bank introduced the service with JP Morgan.

2. The Axis Bank and JP Morgan USD clearing service is built on which technology?

It uses blockchain-based financial infrastructure.

3. Since 2019, Kinexys Digital Payments (KDP) has processed more than what amount?

KDP has handled over $1.5 trillion.

This topic is part of Daily Current Affairs 2 April 2025 (21 topics).

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