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.
“Historically, correspondent banks communicate one-way, bank-to-bank, but we have transformed their interaction,” said Suresh Shetty, Blockchain Technology Lead for IIN. “When a payment detail is flagged for confirmation, different parties can interact simultaneously, requesting and sharing information.”
IIN enables the parties to share information in a permissioned way. The platform uses Quorum, the enterprise version of Ethereum developed by JP Morgan.
“The more banks that join the network, the more dramatic the reduction in payment delays,” said John Hunter, Head of Global Clearing for Treasury Services. “As the network scales, our clients’ payments will be processed faster with less operational expense.”
According to the Financial Times, Hunter said there are plans to add more functionality at the point of settlement. That’s over an above a new feature that will enable target bank accounts to be validated.
The current iteration is called IIN Resolve. A mockup indicates that future versions might include insurance.
The IIN system will go into production in the third quarter for both domestic and foreign payment data, with the most utility expected for international payments.
Plus JP Morgan plans to open up the network to third-party developers with a test network available in the third quarter. They will be able to leverage elements such as secure messaging, document file transfer and data modeling.
Many see IIN as trying to address challenges from Ripple and Stellar. One question is whether the secure messaging is purely via blockchain. If so, in some ways it competes with Symphony, the messaging technology company spun out of Goldman Sachs.
Previous IIN Articles:
JP Morgan’s blockchain payment network has 157 banks
JP Morgan talks blockchain payments
JP Morgan blockchain payments network has 75 banks
List of IIN banks
Americas
| BanBajío Banca Mifel Banco Actinver, S.A. Banco Aliado Banco BICE Banco BCT SA Banco Bisa Banco Bradesco S.A. Banco CMF S.A. Banco Davivienda S.A. Banco Daycoval S.A. Banco de Bogota Banco de Crédito del Perú Banco de Galicia y Buenos Aires Banco do Brasil New York Branch |
Banco Ganadero Banco General Banco Industrial Banco Internacional del Peru Banco Lafise Banco Mercantil Santa Cruz Banco Nacional de Bolivia Banco Nacional de Costa Rica Banco Nacional de Panama Banco Popular Dominicano Banco Regional Banco Security Bank of Bahamas Limited Banorte
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Banreservas Bank of Montreal BCT Bank International Credicorp Bank Ficohsa First Tennessee Bank Global Bank Corporation Grupo Bursátil Mexicano Itau Unibanco S.A. JPMorgan Chase National Bank of Canada Republic Bank Royal Bank of Canada The Toronto-Dominion Bank Banco Inbursa S.A. Banco Continental |
Europe
| Alior Bank SA Allied Irish Bank Banca Monte dei Paschi di Siena S.p.A Banco de Investimento Global S.A. Banco de Sabadell Banco Santander Bank Hapoalim B.M. Bank Leumi Le-Israel B.M Bank Polska Kasa Opieki S.A. Bankia Bankinter Banque Internationale de Commerce – BRED (Suisse) SA Banque Thaler SA Bayerische Landesbank |
Caixabank CBH Compagnie Bancaire Helvétique S.A. CIM Banque S.A Geneve Cooperatieve Rabobank U.A. Credit Agricole S.A. Danske Bank Erste Group Bank AG Gonet & Cie SA Helaba -Landesbank Hessen -Thuringen Israel Discount Bank Limited Nationwide Building Society |
Norddeutsche Landesbank Girozentrale Nordea PKO Bank Polski S.A. Privatbank IHAG Zurich AG Reyl & Cie SA Skandinaviska Enskilda Banken Société Générale The First International Bank of Israel Ltd UniCredit (through its subsidiary UniCredit Bank Austria) Caixa Central de Credito Agricola Mutuo UBS Switzerland AG Banca Popolare Di Sondrio S.C.P.A. |
Asia-Pacific
| Australia and New Zealand Banking Group Limited Axis Bank Limited Bank of Dalian Co., Ltd Bank of Nanjing BRAC Bank Limited China CITIC Bank International Limited China Guangfa Bank China Zheshang Bank Chong Hing Bank Limited Eastern Bank Limited East West Banking Corporation Ho Chi Minh City Development Joint Stock Commercial Bank ICICI Bank Limited Indovina Bank Ltd Industrial Bank Co., Ltd Joint Stock Commercial Bank for Investment and Development of Vietnam KASIKORNBANK Public Company Limited KEB Hana Bank Military Commercial Joint Stock Bank Mizuho Bank, Ltd. MUFG Bank, Ltd. |
Nanyang Commercial Bank (China), Limited National Australia Bank Limited NongHyup Bank Prime Bank Limited PT Bank Central Asia Tbk PT Bank CIMB Niaga Tbk PT Bank Negara Indonesia (Persero) Tbk Resona Bank, Ltd. Rizal Commercial Banking Corporation The Minato Bank, Ltd. Saigon Thuong Tin Commercial Joint Stock Bank Shanghai Rural Commercial Bank Shinhan Bank Sumitomo Mitsui Banking Corporation Taipei Star Bank Taishin International Bank Co., Ltd The 77 Bank, LTD. |
The Bank of Nagoya, Ltd. The Norinchukin Bank Union Bank Of The Philippines Vietnam Joint Stock Commercial Bank for Industry and Trade Westpac Banking Corporation Woori Bank Yes Bank Limited The Bank of Kyoto, Ltd. Kansai Urban Banking Corporation The Kinki Osaka Bank, Limited The Minato Bank, Ltd. The Musashino Bank, Ltd. The Tajima Bank, Ltd. Aozora Bank, Ltd. Bank of the Ryukyus, Limited The Aichi Bank, Ltd. Shinsei Bank, Limited The Bank of Okinawa, Ltd. The Gunma Bank, Ltd. The Higo Bank, Ltd. The Oita Bank, Ltd. Union Bank of India |
Eastern Europe, Middle East and Africa
| Ahli United Bank B.S.C Al Rajhi Banking & Investment Corporation Alawwal Bank Alfa Bank Joint Stock Company Allied Bank Limited Arab Jordan Investment Bank Bank ABC (Arab Banking Corporation B.S.C.) Bank Al Habib Limited Bank Alfalah Limited Bank Muscat Bank of Sharjah Barclays Bank Tanzania Limited Barclays Bank Zambia PLC Banque du Caire SAE Banque Libano-Francaise SAL BLC Bank SAL Cairo Amman Bank PLC Commercial Bank of Africa Limited Commercial International Bank (Egypt) S.A.E |
Credit Bank of Moscow Credit Libanais SAL DenizBank A.S. Export Development Bank of Egypt Fransabank El Djazair SPA Fransabank SAL Gazprombank Habib Metropolitan Bank Limited The Housing Bank of Trade and Finance – Algeria Joint-Stock Company BCS-Investment Bank Jordan Islamic Bank JS Bank Limited KCB Bank Kenya Limited Kuveyt Turk Katilim Bankasi A.S. Kuwait Finance House MauBank Limited MCB Bank Limited Meezan Bank Limited National Bank of Fujairah P. J.S.C. National Bank of Kenya Limited |
National Bank of Kuwait S.A.K.P. Nedbank Limited Odea Bank Anonim Sirketi Saradar Bank SAL Soneri Bank Limited The Housing Bank for Trade and Finance Turkiye Finans Katilim Bankasi A.S Turkiye Vakiflar Bankasi T.A.O. Bank Audi SAL National Bank of Kuwait – Egypt QNB Finansbank A.S. Sohar International Bank Standard Bank (Mauritius) Limited Standard Bank of South Africa Limited Bank of Beirut SAL Bank Saint Petersburg BBAC SAL Gulf International Bank B.S.C |
