According to Bloomberg, JPMorgan is teaming up with Indian banks to facilitate blockchain-based settlements

According to Bloomberg, a trial program using JPMorgan Chase & Co.’s blockchain technology, Onyx, has begun with leading private lenders in India to settle interbank dollar transactions.

Reports indicate that HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, and IndusInd Bank of India began a test initiative on Monday to provide real-time transaction settlements 24/7/365, including on weekends and public holidays.

Finalised transactions using today’s settlement processes often take several hours. JPMorgan Chase and the six other Indian banks are working together to find a solution to the issue by using blockchain technology to provide a speedier and more real-time alternative.

Through the Monetary Authority of Singapore and DBS Bank, JPMorgan is investigating institutional use cases for blockchain technology in the financial industry, including tokenization and decentralized finance (DeFi).

In January of last year, JPMorgan’s blockchain division Onyx announced its plans to integrate DeFi with tokenized assets worth trillions of dollars for institutional-level trading, borrowing, and lending.

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