JPMorgan Signs Up Over 70 Banks for Blockchain Initiative
A cross-bank blockchain (BC) project initiated by JPMorgan in order to make the exceptions process quicker just officially signed up over 70 other banks. The move makes the project the biggest in DLT by monitored banks.
The IIN began last year and aimed to deal with delays pertaining to overseas payments. The concept surrounds an equally-available ledger based on the banking giant’s own BC, dubbed Quorum, allowing authorized banks to transmit data on compliance examinations and various exceptions that intercept payments from being completed.
Issues and Solutions
As payments across international boundaries have gradually become easier, exceptions may take as long as a few weeks before being solved since various banks responding will have to be specifically contacted. Initiatives like IIN set their hopes on these issues being solved in a faster, more efficient manner simply by examining the ledger being disbursed.
The core of this idea is to have more banks involved. The initial banks to join in on the initiatives include ANZ and Canada’s Royal Bank. They began trialing the service since last year, and garnered the cooperation of fellow banks like UK-based Santandar.
Over 14,000 payments have been estimated to eventually be transmitted via the larger network daily.