Wall Street banking giant
JPMorgan Chase is launching a new interbank payments platform powered by
blockchain, the firm announced today.
With the participation of two
other banks – Australia-based ANZ and the Royal Bank of Canada (Australia) –
the Interbank Information Network (IIN) will be built on Quorum, the
ethereum-based blockchain network first unveiled last fall. Additional institutions
are expected to join the initiative in the coming months, with a specific focus
on the correspondent banking market.
Emma Loftus, head of global
payments and foreign exchange for JPMorgan Treasury Services, said in a
statement:
"IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays. Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks."
It's a notable application for
the bank, given that its treasury services clear trillions of dollars in
transactions per day. Previous reports, including a February 2016 story from
the Wall Street Journal, indicated that cross-border payments had emerged as a
key use case area for the bank.
And in spite of its CEO's
anti-bitcoin stance, the cryptocurrency's underlying tech has been an area of
growing focus for the bank in the past year, as seen in its work with Quorum as
well as initiatives like the Hyperledger Project and the Enterprise Ethereum
Alliance.
Source: Coindesk
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