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
Fast facts
- 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.
See related article: Singapore’s DBS bank completes intraday repurchase transaction on JPMorgan’s blockchain-based platform