80 Japanese banks will join JPMorgan’s blockchain system

80 Japanese banks will join JPMorgan’s blockchain system

More than 80 Japanese banks have expressed a desire to join JPMorgan, the Interbank Information Network (IIN) payment blockchain platform. It is reported by Bloomberg.

To date, 360 banks worldwide have joined IIN. According to JPMorgan Executive Director Daizaburo Sanai, Japanese banks will now dominate the network numerically.

Sanai added that IIN will help new members of the platform to combat money laundering, as banks will be able to “quickly and much more efficiently” check recipients of funds.

One of the potential new members of the network is Tokyo’s Sumitomo Mitsui Trust Bank, the fifth in Japan in terms of assets. According to representatives of the financial institution, IIN allows, among other things, to reduce delays in interaction between banks.

JPMorgan launched a pilot IIN system based on the Quorum blockchain in 2017 with the assistance of the Australian ANZ and Royal Bank of Canada.

Initially, developers focused on IIN’s applications in the field of legal compliance in cross-border transfers, but subsequently announced their intention to use the potential of the technology directly in the calculation procedure.

Previously, JPMorgan introduced its own stablecoin JPM Coin for use in international corporate payments, the transfer of securities and to replace dollars in the bank’s vault.

80 Japanese banks will join JPMorgan’s blockchain system