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 Société Générale 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.
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