Yesterday JP Morgan unveiled an upgrade to its Interbank Information Network (IIN), which has been renamed to Liink. The solution started out in 2017, focusing on data exchange relating to compliance for payments, more specifically compliance queries.
The latest features address other issues that could hold up cross border payments. Confirm allows account information to be validated before the payment is initiated. And Format involves ensuring the payment message aligns with specific country or currency requirements.
According to JP Morgan, there are now 400 banks involved in Liink, including 27 of the biggest 50. The solution leverages the Quorum permissioned blockchain, which JP Morgan initially developed but recently transferred to ConsenSys.
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