Categories: Ethereum

JP Morgan Dives into Blockchain-Based Payments, Adds 200 Banks

Click here to view original web page at www.financemagnates.com

The Wall Street giant is aiming to capture the payments industry using blockchain technology by expanding its Interbank Information Network (IIN), according to a Financial Times report.

JP Morgan Chase has partnered with more than 200 banks for sharing their financial data on the shared ledger, the April 21 report detailed.

In October 2017, JP Morgan partnered with Australia-based ANZ bank and the Royal Bank of Canada to introduce INN, building a blockchain-based platform for interbank payment transfers. The platform is built on an Ethereum-based private blockchain called Quorum, which was co-developed by the bank itself.

By expanding this platform, the institutional bank is threatening the dominance of other players in the payment transfer industry including Ripple, TransferWise, and Revolut.

Suggested articles

Q8 Trade Gains Recognition for ‘Most Trusted Trading Platform in MENA’Go to article >>

Explaining the platform, John Hunter, the bank’s head of global clearing, told Financial Times: “The initial use case was around sanctions screening. Now we’re looking at the ability to do more at the point of settlement.”

Hunter also revealed that the bank has developed a feature which will ensure that a transaction has been made into a valid account in real time. This will resolve the issue of payment rejection even after days due to an error in the recipient’s account number, sort code, or other details.

“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,” he added.

JPM Coin

Earlier this year, reports surfaced that the Wall Street giant is developing its native digital currency to increase its settlement efficiency. The structure of the coin, however, received some criticisms from the crypto community as the bank is planning to restrict the use of the coin to its major institutional clients.

JP Morgan has also become the largest blockchain employer in the financial services sector over the past 12 months, Finance Magnates reported last month.

JP Morgan Chase […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: currency eth ether platform trading

Recent Posts

  • Bitcoin Business

Robinhood App Encroaches on Banking Turf with High-Yield Money Tool

Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More

2 hours ago
  • Bitcoin Business

The blockchain/crypto week in quotes

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.” US… Read More

2 hours ago
  • Bitcoin Business

Art and watch collectors: Here’s how blockchain can stamp out fakes

According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More

2 hours ago
  • Bitcoin Business

Litecoin and the Miami Dolphins Join Hands Over Charity

Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More

8 hours ago
  • Bitcoin Business

Crypto News: Grayscale’s Record Inflows, Shell’s New Blockchain Investment

Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More

8 hours ago
  • Bitcoin Business

David Koepsell (YICB 07), Co-founder of Encrypgen, LLC and Blockchain in Healthcare Global

David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More