Axis Bank, one of the largest private sector banks in India, has become the first Indian-headquartered financial institution to launch near-real-time, 24/7 programmable USD clearing capabilities for its commercial clients, leveraging Kinexys Digital Payments (KDP), a unit of Kinexys by J.P. Morgan.

By utilizing KDP, Axis Bank can offer its commercial clients optionality to leverage 24/7 cross-border payments while also using foundational state-of-the-art blockchain-based infrastructure. This aims to enhance payment execution certainty and enable innovative corporate use cases, such as programmable, multi-bank cash concentration.

“We are excited to work with Kinexys by J.P. Morgan to deliver a first in the market – 24/7 programmable USD clearing capability for our Institutional and Commercial Banking clients for their cross-border payments, out of GIFT City (Gujarat International Finance Tech City),” said Neeraj Gambhir, Group Executive & Head- Treasury, Markets & Wholesale Banking Products. “In Transaction Banking at Axis Bank, we have always focused on being innovative and bringing best-in-class, forward-looking payment and digital capabilities to help our clients manage their Treasury function optimally. With this collaboration, we are bringing significant value to our clients through streamlining payments, unlocking liquidity and above all, adding further optionality on cross-border payments, utilizing blockchain-based payment rails that are fit for growth. This capability, amongst others launched this year, positions Axis Bank’s International Banking Unit well to be our clients’ transaction bank of choice from GIFT City.”

“The innovation-first mindset from the Axis Bank’s leadership team was instrumental in launching the first-of-its-kind blockchain-based payments capability to its Indian consumer and corporate client base,” said Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan. “Our work with Axis Bank marks the next step in creating a growing industry-wide blockchain-based financial ecosystem with interoperability among central bank digital currencies, stablecoins and other digital currency solutions.”

KDP first launched blockchain deposit accounts in 2019, and they are now used by a growing number of corporate and financial institution clients around the world to facilitate and automate on demand, 24/7 multi-currency payment movements across borders. Since inception, over $1.5 trillion in transaction volume has been processed on the Kinexys platform¹, the average daily transaction volume across the Kinexys platform is over $2 billion² and it has seen 10x year-over-year growth in payments transactions³.

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