Axis Bank, J.P. Morgan Roll Out Anytime Dollar Payments for Clients

India’s Axis Bank has partnered with J.P. Morgan to launch real-time US dollar payment capabilities for commercial clients in India. This initiative is powered by Kinexys, J.P. Morgan’s blockchain and digital assets unit. The new service enables Indian companies to make or receive dollar payments 24/7, marking a first-of-its-kind development in India. Axis Bank will provide this round-the-clock dollar clearing facility from GIFT City (Gujarat International Finance Tec-City), enhancing cross-border payment efficiency and liquidity management.

Key Highlights

First-of-its-kind service in India

• Companies can send and receive US dollar payments at any time.

Partnership

• Axis Bank collaborates with J.P. Morgan and Kinexys to enable seamless transactions.

Operational Hub

• The 24/7 dollar clearing facility is managed from GIFT City.

Benefits

• Enhanced liquidity management – Payments can be processed without time constraints.
• Cost efficiency – Eliminates cutoff restrictions, reducing liquidity costs.
• No deduction payment rails – Ensures the full payment amount reaches the final recipient.

Business Impact

• Facilitates trade with Middle Eastern countries where Sundays are business days.
• Streamlines cross-border payments with same-day settlements.