Today, the project blockchain payment system JP Morgan, Australian Bank ANZ and Royal Bank of Canada joined by 75 financial institutions. A press release published on BusinessWire portal.
A framework called Interbank Information Network (IIN) was launched in October, prologo. As the software environment uses IIN Quorum — JPMorgan private network on the basis of Ethereum. The project aims to expedite the handling of international payments by reducing the number of necessary operations and time spent by correspondent banks in processing various requests.
The current series of tests aimed at eliminating delays in payments containing incorrect information or do not comply with the regulations. Processing in the traditional way can take weeks and involves the participation of several institutions at different stages. In the series, the participating banks will carry out a test translation in the amount of about $14 500. It is expected that nominal translation will grow as they join the project new partners.
Among the new institutions that have agreed to participate in the system test includes including the conglomerate Societe Generale, UniCredit, Turkiye Finans, Barclays and Santander. As says the Financial Times, a key factor in joining the banks to the initiative is the growing competition in the market for payment solutions. JPMorgan analyst Jason Goldberg (Jason Goldberg) said that this niche represents the greatest risk to traditional financial institutions, adding:
“The blockchain is one of the ways to keep the service sector in the structure of the organization.”
Head of global payments and receivables JPMorgan Emma Loftus (Emma Loftus) has confirmed that the IIN will certainly be in demand:
“We have seen tremendous interest from the correspondent banks after the launch of the project in 2017, many expressed a desire to join. We are confident that the IIN will greatly enhance the efficiency of international payments, especially as the accession of new banks and expansion of the functionality and areas of use of the platform”.
JPMorgan is already involved in other initiatives that develop payment solutions based on the blockchain. At the end of July it became known that the holding is a group of banks-testers similar platform as the CLS.
