JPMorgan involved 75 banks to test blockchain payments

Victoria SavchukSeptember 26, 20180
JPMorgan

75 banks, including Societe Generate and Santander will trial the Interbank Information Network (INN) based on the blockchain Quorum from the financial giant JPMorgan.

JPMorgan announced about the launch of the project in October 2017. INN’s aim is to accelerate interbank payments and allow the founders to transparently exchange their information.

The Australian ANZ and Canadian Royal Bank were the first to test the new system. Both banks are JPMorgan’s partners.

Currently within the framework of IIN the banks make payments of $14 500 daily.

«Blockchain is a method to take the business under our wing», — the JPMorgan analyst Jason Goldberg claimed.

He also added that there is tough competition between banks and commercial organizations.

In future the IIN developers plan to support payments not only in USD.

Other important news from the Cryptocurrency world and Blockchain

We wrote earlier that the chief information officer at JPMorgan’s bank Lori Beer stated that blockchain can substitute all competitive technologies in a few years.

 

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Victoria Savchuk