80 Japanese Banks Plan to Join JPMorgan’s Blockchain Payment Network

Asia Blockchain Review
December 20, 2019

Around 80 banks in Japan have expressed their intent to join JPMorgan’s blockchain payment system in early 2020. The system claims to offer faster transactions and enable banks to share data between each other.

The Interbank Information Network (IIN) currently has more than 360 members and is expected to help improve anti-money laundering measures with its efficient screening of cash recipients.

Exchanging Data and Verifying Payments

Based on JPMorgan’s blockchain platform Quorum, the IIN allows banks to exchange data in real time and verify payments. The network was piloted in 2017 with more than 360 members worldwide, among them is Deutsche Bank — the largest bank in Germany.

The objectives of the IIN is to provide faster payment transactions and facilitate banks in their data-exchange activities.

Once all 80 Japanese banks become members, they will account for the largest group from a single nation.

Tackling Money Laundering with Blockchain

Takashi Endo, treasury operations department officer at the Sumitomo Mitsui Trust Bank, said the IIN will facilitate collaboration between its bank members and law enforcement agencies in money laundering cases.

Sumitomo Mitsui Trust Bank is among the 80 banks which signed up for the IIN membership.

The IIN is one of the key crypto and blockchain projects undertaken by JPMorgan, which has actively explored emerging technologies with a number of projects already launched. JPMorgan began trials of digital coin “JPM Coin” with the goal of accelerating transactions such as bond transactions and payments between companies.

In November, the company provided support for the Monetary Authority of Singapore (MAS) in developing a blockchain-based payment system for multi-currency payments. The system will “provide interfaces for other blockchain networks to connect and integrate seamlessly,” according to the MAS.  

Source: chainbulletin.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Rohan Hall Talks DX and Covid-19
    Asia Blockchain Review recently caught up with Rohan Hall about his company, Vottun, and its solutio...

    July 15, 2020

    GDPR And CCPA: Relevant In APAC?
    How does the Asia Pacific region figure in this equation? We caught up with Freddy Lee, CTO at IBM M...

    July 14, 2020

    Uncertainty Is The New Normal For APAC Fintech Players
    Asia Blockchain Review had the opportunity to talk to Celeste Goh, Fintech Analyst at S&P Global Mar...

    July 13, 2020

    It’s No Surprise : Celeste Goh On APAC’s Fintech Funding Dip
    It was reported recently that the APAC fintech funding scene had experienced quite a slump. Asia Blo...

    July 12, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us