JPMorgan intros blockchain-based Interbank Information Network for global payments
JPMorgan Chase & Co., Royal Bank of Canada, and Australia and New Zealand Banking Group Ltd. have launched the Interbank Information Network.
According to a press release from JPMorgan, the initiative will use blockchain technology to minimize friction in global payments, allowing them to reach beneficiaries faster, with fewer steps and greater security.
"IIN will enhance the client experience, decreasing the amount of time — from weeks to hours — and costs associated with resolving payment delays," Emma Loftus, head of global payments and FX for JPMorgan Treasury Services, said in the release. "Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks."
By leveraging blockchain technology, IIN will significantly reduce the number of participants currently needed to respond to compliance and other data-related inquiries that delay payments, the release said.
RBC and ANZ are the first two banks to join IIN; other correspondent banks are expected to join in the coming months, the release said.