The payment system dubbed Interbank Information Network (IIN) was based on Quorum, the company’s independent Blockchain platform. The main goal behind the project is to speed up payment transactions. The pressing issues associated with data sharing between banks would be addressed, too.
The announcement has propped up Japan-based banks to make the necessary preparations. As of the latest data of Bloomberg, around 80 financial institutions in the country had already announced their plans of joining JPMorgan’s platform.
Bloomberg also specified that out of the 365 worldwide members, 20% are from Japan. This figure makes Japanese banks the largest group of participants coming from a single country.
JPMorgan’s executive director, Daizaburo Sanai, disclosed that the payment network is currently servicing 70 banks in the US, Europe, and Asia. He noted that the number would soar once the integration of the INN begins in Japan next year.
The executive director explained that Japanese financial institutions and companies believe that the IIN can help them improve their anti-money laundering procedures. As per the project’s press release published in 2017, the tool can help track the recipient of the payment in a more efficient and faster manner.
The news is another proof that JPMorgan is deeply focused on expanding business with the help of Blockchain technology. Back in June, the firm announced its plan of creating a new digital currency dubbed JPM Coin. As per the announcement, JPMorgan targets to launch the coin before the end of this year.