JPMorgan to expand blockchain initiative

By Olivia Minnock
Finance giant JPMorgan Chase is set to expand its work with blockchain, it has been announced. JPMorgan set up the Interbank Information Network (IIN...

Finance giant JPMorgan Chase is set to expand its work with blockchain, it has been announced.

JPMorgan set up the Interbank Information Network (IIN) in 2017, alongside ANZ bank and the Royal Bank of Canada.

The initiative is currently used across 220 banks around the world, and it is hoped the development of IIN will make JPMorgan more competitive against new fintechs.

SEE ALSO:

IIN uses blockchain technology to enable data sharing among banks, which helps with compliance issues.

Now, JPMorgan will look to expand IIN’s use cases to include payment settlement features. It is hoped this will make transactions smoother as there will be fewer delays which are usually caused by errors.

Earlier this year, JPMorgan put its weight behind blockchain technology by announcing plans to roll our its own cryptocurrency – having previously stated the digital tokens were too risky.

 

Share

Featured Articles

Why customer loyalty platforms are more like typewriters

Loyalty programmes are like typewriters, Comarch says. You have the tools to create something great, but you still have to put in the hard yards yourself.

Women in Fintech: Annelyse Fournier, COO of PDX Global

We caught up with Annelyse Fournier, the COO of PDX Global to find out why she entered fintech, what inspires her, and how the industry has changed

Women in Fintech: Sasha Pilch of Fin Capital talks assets

Sahsa Pilch , Principal at Fin Capital, is an expert in asset management. She discusses women in fintech, the economic the downturn and emerging trends

Struggling to scale? Fintech decacorns and the downturn

Banking

Fintech Trailblazer Nikolay Storonsky, Revolut’s dynamic CEO

Banking

How to take your subscription business to the next level

Digital Payments