Almost a year ago,
JP Morgan announced a new blockchain correspondent banking network. Initially, the partners in the Interbank Information Network (IIN) were Royal Bank of Canada and ANZ. Today the
Financial Times reports that there are more than 75 members including
Santander and
Société Générale.
Currently, the network processes US Dollars only and expects to handle 14,500 payments daily. As the network increases the number of transactions should expand exponentially.
When everything works smoothly, the current payment systems work just fine. It’s the exceptions that are problematic. At a recent blockchain conference, a SWIFT executive commented that SWIFT transactions are almost real-time. The delay is in the banks crediting accounts.
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