JP Morgan’s Blockchain Network Grows To More Than 300 Banks

JP Morgan’s Interbank Information Network, a blockchain-based payment system has now more than 340 banks joining the network. IIN system enables member banks to exchange information in real-time with fewer steps. Recently, Deutsche bank signed-up to be part of the IIN system.

Full list of banks joining JP Morgan’s Interbank Information Network.

JP Morgan’s IIN network is based on Quorum, a permission-variant of the Ethereum blockchain. INN solves the longstanding challenge of the banking system i.e. minimizing friction in the cross-border payments.

“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry,” says John Hunter, Global Head of Clearing for JPMorgan Chase.

JP Morgan is currently exploring new applications as well as empowering IIN participant banks to develop their solutions for possible use across the network.