J.P. Morgan Chase & Co, the biggest U.S. banks by estates has declared its near future step. The institution is amplifying it’s Interbank Information Network (IIN), its blockchain technology program which is supposedly consolidated with more techs. As per the JP Morgan is expanding this service to over more than 220 Multinational banks over the globe.
The current reports that are out in the market said that JP Morgan’s succeeding blockchain technology will enlarge to over 220 banks, which will allow the sharing of data on remittances among such networking banks.
With this start, it targets to extend IIN’s function into space – as per the head of the bank’s global clearing, John Hunter stated,
“The initial use case was around sanctions screening,” he stated. “Now we’re looking at the ability to do more at the point of settlement.”
As per the official website information of JP Morgan’s, IIN will certainly to mainstream the banking institution’s remittance system. The program named “Interbank Information Network or IIN” is channeled by Quorum which is an authorized version of Ethereum’s blockchain, founded back in 2016. With IIN, the JP Morgan is helping joined banks to collaboratively share information and confirm the allowance of subsequent remittances.
He also added that JP Morgan is now providing actual time confirmation for transfers sent among banks and authorized it fast. Instead of the present of Ripple’s remittance and banking program service since so long period, Hunter states that there is a loop of the 5 to 20% of remittances. He states that,
“Banks straight-through processing rates are in the mid-80s to the mid-90s. It’s that gap – the 5 to 20 percent of payments – that have to be assessed by operations where we’re trying to alleviate some of that pain.”
As per the reports, the new activity of JP Morgan’s blockchain program will go active by Q3 2019. The settlement network will then functions with both national and multinational remittances.