JPMorgan’s blockchain-based payment network is slated to launch in Japan in early 2020. More than 80 Japanese banks are expected to join the firm’s Quorum platform, which promises fast and efficient cash tracking, according to Bloomberg.
The Interbank Information Network (IIN) will start integrating in January 2020. In joining the IIN, the banks hope they will be able to improve their anti-money laundering capabilities.
The banks joining the INN account for more than 20% of the total members that announced their participation since September this year. Once the banks start integrating with the network, they will account for the majority of network members from a single country.
Daizaburo Sanai, executive director at JPMorgan, said the IIN is currently operating at 70 banks in Asia, Europe and the United States. He noted that the Japanese banks want to leverage JPMorgan’s platform as they believe the blockchain-based Quorum will help improve anti-money laundering measures by making the tracking of cash recipients “faster and more efficient.”
The INN was joined by Germany’s largest bank Deutsche Bank in September.
JPMorgan has been actively exploring emerging technologies such as blockchain and cryptocurrencies for the financial sector. The firm’s own JPM Coin is due to launch by the end of this year, according to the company’s report.
The company has partnered with California-based fintech firm Baton Systems to enable instant movement of transfers to multiple clearinghouses in a project for derivatives designed for faster transfers of cash and collaterals.
JPMorgan has established the Blockchain Center of Excellence to actively research blockchain use cases in order to develop in-house technology and pilot solutions across lines of business within the company.
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