JPMorgan Uses Blockchain for 24/7 Dollar Transfers Across India

• JPMorgan partnered with six major Indian banks to introduce a blockchain-based platform for interbank settlement of U.S. dollar transactions.
• The platform will allow the banks to process instant transactions 24 hours a day, seven days a week and eliminate traditional settlement restraints.
• JPMorgan’s blockchain pilot project aims to help New Delhi position the GIFT City as an alternative trading center to Singapore and Dubai.

JPMorgan Leverages Blockchain Technology in India

JPMorgan, one of the world’s leading financial services company, has taken up the challenge of exploring the benefits of blockchain technology by deploying it for interbank U.S. dollar transactions in India amid global de-dollarization signs. To achieve this, it has partnered with six major Indian banks – HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and its own banking unit at Gujarat International Finance Tec-City (GIFT City).

24/7 Instant Settlements with Blockchain Platform

The purpose of this blockchain project is to expand the capacity of existing settlement system and enable instantaneous processing round the clock on all days including weekends and holidays. It will also support banks‘ respective time zones and operating hours thereby eliminating all restrictions that come with traditional finance settlements which can take several hours or not be available altogether on Saturdays, Sundays or public holidays. This blockchain based platform is expected to be piloted in few months after approval from International Financial Services Center Authority (IFSCA).

Positioning GIFT City as an Alternative Trading Center

With this initiative JPMorgan aims to help New Delhi position GIFT City as an alternative trading center compared to Singapore and Dubai through enhanced accessiblity for international financiers seeking out investments opportunities in India. In addition to this endeavor, JPMorgan has also made advances in other areas leveraging its Onyx blockchain-based platform launched last year for improving quality of wholesale payments transactions where they processed nearly $700 billion worth short-term loan transaction as of April 2023.

Global De-Dollarization Signs

JPMorgan currency strategists have pointed out global de-dollarization trends where US Dollar’s share has declined significantly across foreign exchange reserves indicating increasing risk aversion towards USD denominated assets by investors globally.


In summary, JPMorgan’s foray into leveraging blockchain technology for interbank U.S dollar transaction settlements in India points towards potential new avenues for cross border payments that are faster than traditional methods while positioning GIFT City as an attractive destination for international financiers looking for investment opportunities in India amidst emerging global de-dollarisation trends

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