JPMorgan and Indian Banks Launch Blockchain Platform for 24/7 Interbank Transactions

Blockchain

JPMorgan has partnered with six Indian banks to deploy a blockchain-based platform in India’s latest worldwide monetary hub, GIFT Metropolis. This growth is predicted to considerably increase New Delhi’s efforts to place GIFT Metropolis as a substitute buying and selling centre to Singapore and Dubai.

The Reserve Financial institution of India has already opened a home greenback settlement market at GIFT Metropolis. Nevertheless, within the present settlement system, settlements can take a number of hours to finish, and transactions aren’t processed on weekends or holidays. A brand new, real-time, blockchain-based system will take away these hindrances and make settlement accessible 24/7.

Utilizing blockchain expertise to facilitate transactions, processing will likely be on the spot, permitting GIFT Metropolis banks to keep up their time zone and opening hours. The pilot challenge will use the JPMorgan Onyx blockchain platform created in 2020 for wholesale fee transactions.

Picture: QuiFinanza