American multinational investment bank J.P. Morgan attracted more than 75 banks to join Interbank Information Network. This means the initiative boasts the highest number of financial institutions joining an active blockchain.
Since its launch in 2017, IIN has been assisting financial institutions by producing solutions for global payments, shortening the payment processes, minimizing response times, and creating a shortcut to other steps which usually slow down the payments.
Back in October 2017, when JP Morgan was just launching its initiative to unite worldwide banks under one interbank information solution, the list of participants was much smaller. To this date, the network has managed to unite 75 leading banks under one system. Banks that recently joined the IIN will serve every continent and every major market. The full list of banks can be found here.
The Global Head of Treasury, Takis Georgakopoulos, underlines that they are working hard to find new ways of serving clients by exploring emerging technologies like AI and Blockchain. IIN is considered as the first of many innovative products within this perspective.
IIN is fueled with Quorum®, a derivative of the Ethereum blockchain, also introduced by J.P. Morgan.
The network plans to expand the bank's list in the future. Options like peer-to-peer messaging are already active in the system. According to the head of global payments and receivables at J.P. Morgan Treasury Services, Emma Loftus, following the pilot testings in 2017, many correspondent banks showed a big interest in the network.
“We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries,” said Loftus.
While there are similar platforms where banks and financial institutions are coming together, IIN is so far the biggest and most active one.
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