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Laxman Pai, Opalesque Asia: JPMorgan's payment project based on blockchain technology designed to speed up the exceptions process has welcomed more than 75 banks that are ready to participate in trials.
The platform titled, 'The Interbank Information Network' (IIN) would be one of the largest application of distributed ledger technology (DLT) by regulated banks.
According to a press release from JPMorgan, Societe Generale, Santander are among the 75 banks worldwide who signed up to test the IIN, which JPMorgan, Royal Bank of Canada and Australia and New Zealand Banking Group have already been testing out for close to a year.
The platform is built on Quorum - the ethereum-based blockchain network developed by JPMorgan. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments.
The release quoted Takis Georgakopoulos, Global Head of Treasury Services as saying: "We've been actively exploring how emerging technologies such as blockchain, AI, and an enhanced digital experience can be deployed in our Treasury Services business to better serve our clients' ever changing needs."
"We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of IIN," Takis added.
The Interbank Information Network (IIN) was piloted back in October 2017 as a way to both address ...................... To view our full article Click here
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