Dozens of Japanese Banks Join JPMorgan’s Blockchain Network

2019-12-11 06:00

Banks around the globe are looking to experiment with innovative technology. Primarily Japanese financial institutions are eager to experiment with blockchains. 

It is for that specific reason several dozen institutions will become part of JPMorgan’s DLT network. 

More Blockchain Exploration in Japan

Japan is a country where blockchain ventures in the financial sector are not unusual.

A fair few institutions have partnered Ripple to explore the boundaries of blockchain payments on a domestic and international scale.

Over 80 banks will now become part of JPMorgan’s Interbank Information Network.

This network is designed to share financial information among network participants.

Prior to this development, JPMorgan already partnered over 250 banks and institutions worldwide for similar purposes.

It would appear the majority of Japanese banks are concerned over money laundering and other financial crimes.

They seek to use the platform to screen cash recipients in a faster and more efficient manner. 

Another potential future use case is how IIN can be used to speed up remittance transfers.

Money transfers are incredibly popular among Asian countries, and add up to a lot of trading volume every year. 

As Japanese banks face regulatory pressure to prevent money laundering and terrorism funding, this move makes a lot of sense. 

The minimal delays introduced by this information sharing network can aid banks in blocking suspicious transfers a lot faster. 

Image(s): Shutterstock.com

The post Dozens of Japanese Banks Join JPMorgan’s Blockchain Network appeared first on NullTX.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Japanese Yen (JPY) на Currencies.ru

$ 10000000 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $10000000 - H: $10000000
Капитализация $0 Rank 99999
Цена в час новости $ 784860.44 (1174.11%)

experiment institutions network japanese banks jpmorgan specific

experiment institutions → Результатов: 4


Ex-CFTC proposes blockchain-based dollar to save declining fiat

2019 marked the rise of another crypto-based experiment, as centralized financial institutions around the world started to contemplate the idea of a Central Bank Digital Currency [CBDC]. Bank of China was already ahead in this game, after announcing that their native CBDC was almost already, and in recent reports, Bank of Canada also entered the […] The post Ex-CFTC proposes blockchain-based dollar to save declining fiat appeared first on AMBCrypto.

2019-10-17 12:00


After a Three-Year Test of Blockchain, Dutch Central Bank is Not Impressed

As blockchain technology becomes increasingly popular, there are many financial institutions that have started to experiment, hoping to see if the fintech can benefit them. One of the longest-running tests has been with the Dutch Central Bank, which created its own distributed ledger technology (DLT) prototypes to evaluate for the last three years. Reports from […]

2019-5-2 14:12