Blockchain technology IIN expands!
Over 75 banks have signed up to be part of JP
Morgan of IIN
J.P.
Morgan announced the expansion of its Interbank Information Network (IIN), the
first live blockchain service offered by the firm. More than 75 banks have
signed up to be part of IIN, the largest number of banks to join a live
application of blockchain technology.
“We’ve
been actively exploring how emerging technologies such as blockchain, AI, and
an enhanced digital experience can be deployed in our Treasury Services
business to better serve our clients’ ever changing needs,” said Takis Georgakopoulos,
Global Head of Treasury Services. “We will lead the market with the rollout of
a robust pipeline of innovations over the coming months, beginning with the launch
of IIN.”
IIN,
launched as a pilot in 2017, minimizes friction in the global payments process,
enabling payments to reach beneficiaries faster and with fewer steps. Using
blockchain technology, IIN reduces the time correspondent banks currently spend
responding to compliance and other data-related inquiries that delay payments.
IIN is powered by Quorum, a permissioned-variant of the Ethereum blockchain,
developed by J.P. Morgan.
“We
saw tremendous interest among correspondent banks after the pilot launched in
2017, asking if they could join,” said Emma Loftus, Head of Global Payments and
Receivables, J.P. Morgan Treasury Services. “We believe IIN will significantly
improve the efficiency of cross-border payments, particularly as more banks
participate and we evolve the functionality and use cases beyond
compliance-related inquiries.”
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