JPMorgan To Integrate Blockchain Payment Network (IIN) In Japan By 2020

Olowo by Olowo - 12:56 PM Dec 10, 2019
jpmorgan-to-integrate-blockchain-payment-network-iin-in-japan-by-2020

Finance giants JPMorgan's blockchain payment network IIN is set to launch in Japan in early 2020 according to reports. American news platform Bloomberg reported today that more than 80 Japanese banks have expressed their intentions to join the blockchain payment platform.

This would represent more than 20% of the 365 global partners that have announced their intention to join JP Morgans blockchain-based payment platform since September.

The Interbank Information Network (IIN) is based on JPMorgan's blockchain network Quorum and aims to increase the time taken to confirm payment transactions and also addresses major issues banks face with data sharing.

It is understood that the Interbank Information Network (INN) is currently operational within 70 banks in Europe, the United States, and Asia. Japanese banks are expected to be integrated to the platform from January 2020.

JP Morgan executive director Daizaburo Sinai believes that Japanese firms are eager to join the platform due to the anti-money laundering features incorporated into it. The platform also makes tracking of cash receipts faster and more efficient.

IIN platform was launched in 2017 as a pilot program but has developed into one f the top payment networks for banks across the world. In September Germany's biggest bank Deutsche Bank joined the platform.

JPMorgan Continues To Push Exploration In Blockchain Technology

JPMorgan has also continued to make more investments towards exploring blockchain technology and developing novel solutions. Some few weeks ago the financial institution announced a new project for derivatives which was geared towards increasing the efficacy of cash and collateral transfers.

In addition, there was a partnership with several fintech firms to develop blockchain solutions to enable instant movement of transfers towards diverse clearinghouses.

The second-largest investment bank in the world is expected to launch its digitoken, JPM Coin before the end of 2019.

 

About The Author
Olowo

OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.

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