J.P. Morgan has announced the expansion of its Interbank Information Network (IIN), the first live blockchain service offered by the firm.
More than 75 banks globally have signed up to be part of IIN, the largest number of banks to join a live application of blockchain technology. In Africa they include National Bank of Kenya, Barclays Bank Tanzania Limited, Barclays Bank Zambia PLC, Commercial Bank of Africa Limited, Commercial International Bank (Egypt) S.A.E and Habib Metropolitan Bank Limited among others.
“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,” said Takis Georgakopoulos, Global Head of Treasury Services. “We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of IIN.”
IIN, launched as a pilot in 2017, minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments. IIN is powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan.
“We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join,” said Emma Loftus, Head of Global Payments and Receivables, J.P. Morgan Treasury Services. “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.”
The expanded network of banks will facilitate global cross-border payments in every major market, including Africa, Latin America, Asia, Europe and the Middle East and Africa.