JPMorgan Chase's (JPM) blockchain infrastructure unit Kinexys is collaborating with India's Axis Bank to facilitate real-time 24/7 US dollar payments to Indian corporates and to provide blockchain payments to commercial customers, executives said Thursday.

"Delighted to share that we are the first financial institution headquartered in India to launch near-real-time, 24/7 programmable USD clearing capabilities leveraging Kinexys Digital Payments," Vivek Gupta, Axis Bank's head of wholesale banking products, wrote in a LinkedIn post.

Naveen Mallela, global co-head Kinexys, said "the ability to move money without cutoffs essentially reduces the cost of liquidity for processing of payments," according to a Reuters report.

"Furthermore, the payment rails are designed to be completely no-deduct which will ensure full preservation of payment amount until it reaches the final beneficiary," Mallela said.