🚀 Axis Bank Adopts Kinexys for Cross-Border Payments
#AxisBank #Kinexys #CrossBorderPayments #JPMorgan #Blockchain #DigitalPayments #InternationalFinance #TokenizedServices #FinancialInnovation #GIFTcity
According to PANews, Axis Bank, one of India's top five banks, is set to utilize Kinexys Digital Payments, formerly known as JPM Coin, from JPMorgan Chase for cross-border transactions. Traditional Swift payments face limitations due to differing bank operating hours, whereas JPMorgan's blockchain-based bank accounts enable 24/7 instant payments.
Since 2023, JPMorgan has been piloting Kinexys in GIFT City, initially conducting sandbox trials with Axis Bank and four other banks. GIFT City aims to compete with other international financial hubs like Singapore and Dubai. Earlier this month, the city launched tokenized consulting services. Other banks using Kinexys include Bahrain's Bank ABC and Abu Dhabi's First Bank. The Kinexys blockchain supports various applications, including tokenized collateral. Kinexys has processed over $1.5 trillion in total transactions, averaging $2 billion daily.#AxisBank #Kinexys #CrossBorderPayments #JPMorgan #Blockchain #DigitalPayments #InternationalFinance #TokenizedServices #FinancialInnovation #GIFTcity
🚀 Ant International, HSBC, and Swift Test Cross-Border Tokenized Deposits
#AntInternational #HSBC #Swift #TokenizedDeposits #CrossBorderPayments #Blockchain #ISO20022 #BlockchainInteroperability #Singapore #HongKong #FinancialTechnology #TokenizedServices
According to ChainCatcher, Ant International, HSBC, and Swift have successfully tested cross-border transfers using tokenized deposits. This marks the first instance of utilizing the Swift network and ISO 20022 messaging standards for cross-border tokenized deposit payments.
Ant International and HSBC in Singapore connected Ant's blockchain infrastructure to the Swift network during the test. This enabled real-time cross-border fund management between Singapore and Hong Kong through HSBC's tokenized deposit service.
Swift and HSBC introduced a universal protocol, allowing Ant International to avoid establishing separate bilateral arrangements with each bank. The three companies stated that the solution achieved blockchain interoperability on the Swift network through the ISO 20022 standard, combining Ant International's technology with HSBC's tokenized deposit service.#AntInternational #HSBC #Swift #TokenizedDeposits #CrossBorderPayments #Blockchain #ISO20022 #BlockchainInteroperability #Singapore #HongKong #FinancialTechnology #TokenizedServices