J.P. Morgan (NYSE: JPM), a global leader across banking, markets and investor services, has partnered with Royal Bank of Canada and Australia and New Zealand Banking Group Limited to launch the Interbank Information Network (IIN), Business Wire reports.
The new initiative will use blockchain technology to minimize friction in the global payments process and will allow payments to reach beneficiaries faster with fewer steps and better security.
“IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays,” said Emma Loftus, Head of Global Payments and FX, J.P. Morgan Treasury Services.
“Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks,” he said.
Royal Bank of Canada and Australia and New Zealand Banking Group Limited are the first two banks to join IIN. Other correspondent banks are expected to join in the coming months.
J.P. Morgan’s Treasury Services business processes approximately $5 trillion in payments every day for clients in more than 100 countries.
Jamie Dimon, chief executive of JPMorgan Chase & Co speaking at a bank investor conference in New York last month called Bitcoin (EXANTE: Bitcoin) “a fraud” and said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”