Original: Reuters / Mike Segar
Join Brave

Leading investment bank JPMorgan (JPM) has reportedly added more than 75 banks to its Interbank Information Network (IIN), a blockchain network that minimizes friction in the global payment process, enabling faster payments with fewer steps.

According to an announcement¬†by the bank, more than 70 banks, including¬†Soci√©t√© G√©n√©rale and Santander, have joined the IIN which JPMorgan, Royal Bank of Canada and ANZ have been¬†testing¬†for 11 months. The IIN’s interbank information sharing network is powered by Quorum, JP Morgan’s permissioned Ethereum-based blockchain.

“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.

JPMorgan ultimately believes that the IIN will improve cross-border payments and notes that the functionality of the network will improve as more banks participate and use cases expand.

The news comes a week after¬†leading¬†blockchain startup¬†Ripple¬†announced that U.S. regional bank¬†PNC Financial Services Group¬†(PNC) will be joining¬†RippleNet,¬†a decentralized global network of banks and payment providers using Ripple’s distributed financial technology. More than 100 financial institutions are already working on the RippleNet, including Santander.

More: J.P. Morgan Interbank Information Network Expands to More Than 75 Banks
Related: PNC Bank Joins RippleNet for Cross-Border Payments

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Robinhood