JP Morgan partners with 200 banks to build a massive banking network on Ethereum fork
The largest bank in the US (also one of the largest in the world), JP Morgan, plans to create a massive banking network. The network will be running on a permissioned Ethereum fork called Quorum. The network is called Interbank Information Network (IIN).
IIN was launched as a pilot in 2017. According to JP Morgan, IIN is the firm’s first scalable, peer-to-peer network powered by blockchain technology. JP Morgan plans to reduce the challenges of Interbank information sharing, including Cross border payments.
“The more banks that join the network, the more dramatic the reduction in payment delays,” said John Hunter, Head of Global Clearing for Treasury Services, in a press release by JP Morgan. “As the network scales, our clients’ payments will be processed faster with less operational expense.”
Around 200 banks have already agreed to join the IIN. None of the major US banks have joined so far but the list does contain major banks from Europe and Asia. Some of the banks include UBS, ICICI bank, MUFG Bank, etc. The full list of banks can be found here.
The IIN is for information sharing purposes only and cannot process transactions. It is believed that JP Morgan will link the IIN with the JPM Coin (a stable coin owned by JP Morgan) to facilitate cross border transactions.
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