J.P. Morgan Deploys Blockchain with New Correspondent Banking Network
October 16 2017 - 8:30AM
Business Wire
Pilot with Royal Bank of Canada and Australia
and New Zealand Banking Group Limited aims to disrupt the global
payments industry
J.P. Morgan (NYSE:JPM) with two global partners, Royal Bank of
Canada and Australia and New Zealand Banking Group Limited,
announced the launch of the Interbank Information Network (IIN).
The new initiative will use blockchain technology to minimize
friction in the global payments process. IIN will allow payments to
reach beneficiaries faster with fewer steps and better
security.
“IIN will enhance the client experience, decreasing the amount
of time – from weeks to hours – and costs associated with resolving
payment delays,” said Emma Loftus, Head of Global Payments and FX,
J.P. Morgan Treasury Services. “Blockchain capabilities have
allowed us to rethink how critical information can be sourced and
exchanged between global banks.”
Processing global payments is very complex. Multiple layers of
communication occur amongst payment participants to verify and
process transactions. By leveraging blockchain technology, IIN will
significantly reduce the number of participants currently needed to
respond to compliance and other data-related inquiries that delay
payments.
Royal Bank of Canada and Australia and New Zealand Banking Group
Limited are the first two banks to join IIN, representing
significant cross-border payment volumes. Other correspondent banks
are expected to join in the coming months. IIN is powered by
QuorumTM, a permissioned-variant of the Ethereum blockchain,
developed by J.P. Morgan. Quorum’s focus on privacy enables secure
data sharing via IIN.
J.P. Morgan’s Treasury Services business processes approximately
$5 trillion in payments every day for clients in more than 100
countries. The business has been aggressively investing in
technology to improve end-to-end client experience. In particular,
emerging technologies such as blockchain, machine learning and
robotics are being deployed by the business to improve platforms
and develop innovative products and solutions.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global
leader across banking, markets and investor services. The world’s
most important corporations, governments and institutions entrust
us with their business in more than 100 countries. With $22.7
trillion of assets under custody and $421.6 billion in deposits,
the Corporate & Investment Bank provides strategic advice,
raises capital, manages risk and extends liquidity in markets
around the world. Further information about J.P. Morgan is
available at www.jpmorgan.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171016005402/en/
Media:Jessica Francisco,
212-270-1719jessica.francisco@jpmorgan.comorJillian Vernic,
416-348-6736jillian.vernic@rbc.comorJane Cooper, +852 3918
2837jane.cooper@anz.com
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