Largest number of Banks joining the First Live Blockchain Application. J.P.Morgan + 75 Banks
Interbank Information Network IIN, this is how it is called the first live Blockchain application.
More than 75 banks have signed up to be part of IIN, and more are aiming to join over the next year 2019.
The IIN has been launched as a pilot in 2017 by JP Morgan; it minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments. IIN is powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan.
The idea is to see if blockchain technology can make payments happen faster and with no errors or need for additional compliance. With a mutually accessible ledger, it would enable banks to quickly take care of any issues such as correcting faulty addresses or missing data so that payments are not held up for weeks on end. Using blockchain database the banks can create a distributed ledger that can be questioned in real time, which means issues could be resolved almost instantaneously; the network also enables peer-to-peer messaging among the participants of the network.
“We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries.” said Emma Loftus, Head of Global Payments and Receivables, J.P. Morgan Treasury Services.
The expanded network of banks will facilitate global cross-border payments in every major market, including Latin America, Asia, Europe, the Middle East and Africa. The full list of IIN banks now includes: