75 Global Banks To Apply Blockchain Payment System Powered By JPMorgan Chase
In order to sustain financial competitiveness, more than 75 major banks will begin using JPMorgan Chase’s blockchain payment platform, Financial Times reports.
World famous banks, including Société Générale and Santander, joined the Interbank Information Network (IIN), developed by American conglomerate JPMorgan Chase. The platform has been working in test-mode for a period of 11 months, and its participants included Australia and New Zealand Banking Group (ANZ) and the Royal Bank of Canada. The project was initially aimed at speeding up of cross-bank transactions.
The banks will be provided with an open access to payment blockchain to ensure that financial institutions can securely share information and immediately resolve problems caused by data loss, inconsistency or faulty addresses leading to high transaction latency.
Currently, competition is rapidly growing among bank payment operators, that’s why the blockchain project is the right way to keep the business in-house, according to Jason Goldberg, a bank analyst at JPMorgan Chase. By the aid of IIN, the financial institutions can increase the amount of executed transactions up to $14,500 per day.
Umar Farooq, the head of the blockchain development team at JPMorgan, emphasized that, actually, there are not so many full-fledged blockchain projects, and most of them are in the testing mode. Farooq stated: "This is the single biggest [blockchain project]."
As previously reported, a blockchain app was launched for government data management in Canada.