JP Morgan’s blockchain payment-related network, the
Interbank Information Network (IIN), now has 157 members, according to a
Bloomberg report. That’s up from 100 members just three months ago. The project targets the inefficiencies in the SWIFT payment system which has 11,000 banks. SWIFT released SWIFT GPI to address some of the challenges, notably greater transparency with the ability to track payments. But it’s missing functionality that JP Morgan desires.
At last year’s Sibos conference, Emma Loftus, JP Morgan’s Head of Global Payments,
described IIN as: “A secure blockchain network where we exchange data associated with compliance inquiries through the blockchain network, sequentially in a secure manner.”
SWIFT often works fine where there are no queries. But compliance inquiries and filtering transactions to be able to comply with regulatory obligations such as anti-money laundering (AML) can take 2-16 days.
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