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.
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.