JPMorgan and Indian banks test a Blockchain-based settlement system

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JPMorgan plans to put Blockchain technology to the test in order to provide dollar-based settlement services to Indian financial institutions. India typically receives dollar payments via the Swift messaging system through Nostro accounts held at US-based banks.

However, these payments cannot be processed on the weekends and are only available during US business hours. Instantaneous 24×7 settlement between accounts held at the US bank will be made possible by the Blockchain-based system, effectively establishing a private intra-correspondent banking network.

The interbank payments network is a part of the Blockchain division of JPMorgan called Onyx, which has already signed Siemens as an anchor client and conducted trials with the Central Bank of India.

Read More: JPMorgan and Indian banks pilot blockchain-based settlement system

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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