MUMBAI, March 27 (Reuters) - India's Axis Bank has

partnered with J.P. Morgan to offer real-time U.S. dollar

payment capabilities to commercial clients in the country,

facilitated by Kinexys, the U.S-based lender's blockchain and

digital assets unit.

This is the first instance where an Indian company will have

the flexibility to make or receive dollar payments at any time,

J.P. Morgan said in a statement on Thursday.

Axis Bank will deliver the 24/7 dollar clearing capability

for clients out of Gujarat International Finance Tec-City, or

GIFT city, an international financial services center.

The collaboration with Kinexys will offer "significant

value" to clients by streamlining payments, unlocking liquidity

and adding further optionality on cross-border payments,

Neeraj Gambhir, group executive & head - treasury, markets &

wholesale banking products, at Axis Bank said.

Currently, companies can make cross-border payments that are

settled on the same day.

Naveen Mallela, global co-head at Kinexys, illustrated the

anytime payment capability by saying that Indian companies can

now make dollar payments to Middle Eastern clients on Sundays,

which are standard working days in that region.

"The ability to move money 24X7 without cutoffs essentially

reduces the cost of liquidity for processing of payments.

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.