JPMorgan: More than 100 banks joined Interbank Information Network
The number of banks joined JPMorgan’s blockchain-based Interbank Information Network (INN) has grown to over 100 addressing cross-border paymenets in every major market, including Latin America, Asia, Europe, the Middle East and Africa.
In was piloted back in October 2017 as a peeri-to-peer network powered by blockchain technology. From minimizing friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps.
Powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.