JP Morgan expands blockchain payments network

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JP Morgan expands blockchain payment network to more than 75 international banks

  • JPMorgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City
  • The network expects to process around 14,500 US dollar-denominated payments a day
  • JPMorgan’s  Interbank Information Network (IIN) is a blockchain network that minimizes friction in the global payment process, enabling faster payments with fewer steps
  • The platform has been under development since October 2017 on JP Morgan’s Quorum blockchain
  • Banks aim to be able to keep up with the emerging private sector dedicated to processing cross-border payments faster than they traditionally can