JPMorgan’s blockchain-based payment network will launch in Japan in early 2020.
Based on JPMorgan’s in-house blockchain platform Quorum, the Interbank Information Network (IIN) intends to accelerate payment transactions as well as address major challenges of sharing data between banks.
If all goes as planned, the IIN service would launch in Japan in January, as communicated to Bloomberg by Daizaburo Sanai. CoinDesk reported that:
Built on Quorum, a permissioned blockchain based on ethereum and developed by JPMorgan, IIN is designed to enable member banks to exchange information in real time, allowing them to verify a payment has been approved. This, the bank says, helps reduce friction in international payments and ultimately leads to faster processing times.
Daizaburo Sanai, an executive director at the JPMorgan, stated that the INN is currently operating at 70 banks in Europe, Asia and the United States. As Japanese banks have not participated to date, they are expected to start integrating with the INN in January 2020, the report notes.
According to Sanai, Japanese firms want to join the platform in order to improve Anti-Money Laundering measures because the tool reportedly makes the tracking of cash recipients “faster and more efficient.”