JPMorgan Chase to Pilot USD Blockchain Accounts in the GIFT City Financial Center in India
According to reports, JP Morgan’s recently established branch in the Indian international financial center GIFT City has been approved to pilot as an international settlement bank for other GIFT City banks. Within a month or so, banks will be able to open foreign currency accounts at JPMorgan Chase in India as blockchain based bank accounts, achieving 24/7 settlement, rather than limited to U.S. business hours. JPMorgan Chase will operate a sandbox environment that enables these banks to open on-chain current accounts. Although the interface uses standard SWIFT messages, the ability to support instant settlement and 24/7 payments is due to the fact that payments are processed using distributed ledgers within the JPMorgan ecosystem.
Interpretation of this information:
JP Morgan has received approval to pilot their international settlement services in GIFT City, India. The branch will function as a blockchain-based bank account that enables 24/7 settlement of foreign currency accounts for other GIFT City banks. Banks within a month will be allowed to open foreign currency accounts at JP Morgan Chase using standard SWIFT messages, but processed through distributed ledgers, enabling instant settlement and 24/7 payments. JP Morgan Chase will use a sandbox environment to allow other banks to open their accounts on-chain.
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