JPMorgan Chase & Co. has launched a pilot project with top private lenders in India for interbank dollar transaction settlements through its blockchain platform, Onyx, Bloomberg reported.
See related article: How JPMorgan’s Onyx is redefining payments in banking with blockchain
- The pilot project, reportedly launched on Monday with India’s HDFC Bank, ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank, aims to provide real-time transaction settlements around the clock, including on weekends and public holidays.
- Current settlement systems can take several hours for transactions to finalize. JPMorgan and the six Indian banks hope to offer a solution to the problem by providing a faster, real-time alternative through blockchain technology.
- Under Project Guardian, JPMorgan is exploring blockchain-based use cases in the finance sector such as tokenization and decentralized finance (DeFi) for institutions alongside the Monetary Authority of Singapore and DBS Bank.
- Last Year, JPMorgan’s blockchain unit Onyx announced its aim to bring trillions of dollars in tokenized assets to DeFi for use in trading, borrowing and lending, on an institutional scale.