JP Morgan Chase uses blockchain in cross-bank payments

Interbank Information Network (IIN) based on Quorum blockchain will help JP Morgan Chase to perform cross-bank payments
17 October 2017   1813

American financial holding JP Morgan Chase announced the launch of Interbank Information Network (IIN) based on Quorum blockchain. The solutionwill reduce delays in payments between banks. This is reported by the Reuters.

Representatives of JP Morgan Chase positively assess the prospects for implementing distributed registry technology in their activities.

IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays. Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks.
 

Emma Loftus
Head, Global Payments and FX, J.P. Morgan Treasury Services

The project was launched in partnership with the Australian bank ANZ and Royal Bank of Canada. It is expected that later other financial institutions will join it.

Within the treasury service JP Morgan processes trillions of US dollars transactions daily.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   261

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.