JPMorgan expands the Interbank Information Network to more than 75 banks
(25 September 2018 – Global) More than 75 of the world’s largest banks are turning to blockchain to speed up payments and keep new entrants in the space at bay.
Banks such as Santander and Société Générale are joining the Interbank Information Network (IIN) which JPMorgan, RBS and ANZ have been testing for the past 11 months to see if distributed ledger technology can speed up payment queries.
The idea behind the IIN is that a mutually accessible ledger across banks would allow them to quickly resolve issues such as compliance checks, faulty addresses or missing data, which can lead to payments being delayed for weeks.
Accessing all the information through the blockchain creates a distributed ledger that all banks can query in real time, allowing for near-instant resolution of issues, unlike the current correspondent banking system in place currently.
The IIN also facilitates secure peer-to-peer messaging.
The number of transactions put through the IIN will expand exponentially as the number of participating banks increases. JPMorgan plans to continue adding banks and hopes to expand the IIN offering into payments in non-US currencies.
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