JPMorgan Expands Blockchain Network For Interbank Services

2019-4-23 22:56

Central banking giant JPMorgan Chase plans to expand its blockchain network to include interbank settlements, in an effort to ward off competing services like TransferWise and Ripple. Formed in 2017 through collaboration between the Royal Bank of Canada and Australia’s ANZ Bank, the Interbank Information Network (IIN) utilizes the Ethereum-based Quorum blockchain to solve compliance and settlement speed issues.

According to John Hunter, head of Global Clearing at JPMorgan Chase, the bank aims to broaden its remittance capabilities, and the IIN is “looking at the ability to do more at the point of settlement.” Among the updates to be expected with the IIN is real time counterpart account verification for transactions.

Currently, any errors in a recipient’s account number, sort code or other details can result in the payment being rejected days after it was sent. Hunter says that about 5-20 percent of payments suffer this error, which is “where we’re trying to alleviate some of that pain,” he said.

According to the Financial Times, the settlement system will be up and running by Q3 of 2019, facilitating both domestic an international payments. JPM is also testing a sandbox for fintech companies to leverage the IIN and develop applications with its features.

As mainstream blockchain adoption expands, more banks and financial institutions find themselves compelled to make a choice: protect their interests, or embrace the technology for success. JPMorgan Chase is continuing to play both sides of the blockchain field,  with recent plays such as the announcement of its own native digital asset, JPM Coin.

Since blockchain tech has poised itself to disrupt the legacy banking industry, there has been an arms race between tech startups and banks to determine who will control the market.

At present, it’s too soon to tell exactly how influential a JPM-backed blockchain endeavor could be. While some consider a bank-developed blockchain to be the death of any competing services, others question the decentralization, privacy and trust associated with using a centralized digital currency.

It’s also worth considering the likelihood of powerful banks deferring to solutions on another bank’s blockchain, compared to the likelihood of them agreeing to use a bank-agnostic chain.

Nonetheless, some blockchain-centered startups have secured strong first-mover advantages over those now trying to implement DLT’s, so it could be challenging for even the most powerful and well connected banks to bridge the technology gap.

 

 

 

The post JPMorgan Expands Blockchain Network For Interbank Services appeared first on Crypto Briefing.

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network interbank → Результатов: 30


JPMorgan расширит возможности собственной межбанковской информационной блокчейн-системы

Глава клирингового подразделения финансового холдинга JPMorgan&Chase Джон Хантер заявил, что функциональность системы для трансграничных платежей Interbank Information Network (IIN) на базе блокчейна Quorum будет существенно расширена, сообщает Financial Times.

2019-4-22 16:55


JPMorgan Plots Blockchain Payments to Fight Transferwise, Ripple Threat

By CCN. com: Wall Street firm JPMorgan has a plan to save the banking industry’s lucrative cross-border payments business from alternatives such as Bitcoin and fintechs such as Ripple and TransferWise – expand the use cases for its permissioned blockchain network, the Interbank Information Network (IIN) to include settling payments.

2019-4-22 15:49


Фото:

К блокчейн-проекту JPMorgan Chase присоединились уже 220 банков

В интервью Financial Times глава отдела глобального клиринга в JPMorgan Джон Хантер (John Hunter) заявил, что развитие межбанковской блокчейн-сети Interbank Information Network (IIN) продолжается и ее функционал будет расширен.

2019-4-22 14:50


Фото:

Ripple’s CEO Believes That the Blockchain Startup May Topple the Swift Banking Network

Ripple, a global payments network is currently in the process of expanding as they onboard new customers and financial firms. According to Bloomberg’s article published on November 15, 2018, Ripple’s popularity with financial institutions may one day overtake the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking network, as the blockchain-based company uses newer and […] Ripple’s CEO Believes That the Blockchain Startup May Topple the Swift Banking Network was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-15 17:29


Ripple Taking Over? CEO Reveals Some Of the Largest Swift Enabled Banks Are Now Using Ripple’s Technology

In a recent interview with Bloomberg, Singapore, Ripple CEO, Brad Garlinghouse stated that most large banks which have been on SWIFT network are signing on with Ripple. This is only an indication that Ripple is taking over the business from the Society For World bank Interbank Financial Telecommunication provider, SWIFT.

2018-11-14 21:34


Фото:

Ведущие банки протестируют сеть IIN от JPMorgan

Межбанковскую информационную сеть IIN (Interbank Information Network), запущенную американским финансовым холдингом JPMorgan, протестируют 75 банков. Об этом сообщает Business Insider со ссылкой на Financial Times.

2018-9-26 14:53


К блокчейну JPMorgan Chase присоединилось ещё 75 банков

Семьдесят пять финансовых учреждений присоединились к программе тестирования Interbank Information Network (IIN), построенной на блокчейне JPMorgan Chase. Тестирование блокчейн-платформы JPMorgan Chase начал в апреле этого года совместно с Australia and New Zealand Banking Group и Royal Bank of Canada.

2018-9-26 07:00


JPMorgan привлек 75 банков для тестирования блокчейн-платежей

75 банков, включая Societe Generale и Santander, присоединились к тестированию меж­бан­ков­ской ин­фор­ма­ци­он­ной сети (Interbank Information Network, IIN) на базе блокчейна Quorum от финансового гиганта JPMorgan.

2018-9-25 18:39


Фото:

К тестам блокчейн-платформы JPMorgan присоединились 75 банков

К тестированию платформы Interbank Information Network (IIN) для проведения межбанковских платежей, построенной на основе технологии блокчейн, присоединилось уже 75 банков. В октябре 2017 года три банка — JPMorgan, Royal Bank of Canada и австралийская группа ANZ — начали испытание блокчейн-платформы, призванной сократить время, затраты и количество участников необходимые для проведения платежей между банками. IIN создана на базе […]

2018-9-26 17:13


Фото:

An Australian Blockchain Experiment: Tracking Global Almond Shipments

Following a successful 2016 trial of blockchain technology in an interbank open account transaction, the Commonwealth Bank of Australia (CBA) has partnered with five international and Australian companies to ship 17 tonnes of almonds from Melbourne, Australia, to Hamburg, Germany, using a new distributed ledger platform built on the Ethereum blockchain.

2018-7-31 23:13