Axis Bank, a leading Indian bank among the top five institutions, is integrating Kinexys Digital Payments, formerly known as JPM Coin, by JPMorgan Chase to streamline its cross-border transactions. This move provides a solution to limitations faced by traditional Swift payments, which are often hindered by varying operational hours across banks. Kinexys’ blockchain-based accounts facilitate 24/7 instant payments, offering significant speed improvements compared to conventional methods. JPMorgan has been actively testing Kinexys in GIFT City since 2023, with Axis Bank and four other banks participating in sandbox trials. This initiative aims to establish GIFT City as a competitive international financial center by rivaling established hubs like Singapore and Dubai. Earlier this month, the city launched tokenized consulting services. Other prominent institutions using Kinexys include Bahrain’s Bank ABC and Abu Dhabi’s First Bank. This blockchain-based system supports a wide range of applications, including tokenized collateral. The system has already processed over $1.5 trillion in transactions, averaging $2 billion per day.