JP Morgan’s Interbank Information Network has grown to more than 220 banks. Below is a list of 197 banks who were willing to disclose involvement in the blockchain payment information network as at the end of March. That’s up from
157 just three months ago. Plus there are plans to considerably expand IIN’s functionality and open it up to third-party developers.
Today IIN is primarily used to exchange data relating to compliance for payments, as opposed to making the payments. The aim is to address problem payments that take much longer.
Most international payments will still use SWIFT with its 11,000 banks. Although the SWIFT GPI upgrade enabled payment tracking, it doesn’t provide the communications needed to resolve compliance queries.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
