Blockchain gains traction in FinTech as payment networks emerge

CERT-LatestNews ThreatsEconomic Uncategorized

J.P. Morgan has created what is arguably one of the largest blockchain payments networks to date.

The financial services company announced that the Royal Bank of Canada and Australia and New Zealand Banking Group Ltd. are the first two banks to join the blockchain network, “representing significant cross-border payment volumes.”

J.P. Morgan created the Interbank Information Network (IIN), which it said will significantly reduce the number of participants needed to respond to compliance and other data-related inquiries that delay payments.

“IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays,” said Emma Loftus, Head of Global Payments and FX, J.P. Morgan Treasury Services. “Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks.”

Tagged