Oversea-Chinese Banking Corporation (OCBC), multinational banking and financial services corporation headquartered in Singapore, recently became the first top-tier bank in the city-state to join the Interbank Information Network (IIN) founded by JPMorgan Chase.
According to All Stocks, IIN is a live blockchain platform aimed at facilitating overseas transactions using decentralized technology.
Though many banks in the region are already a part of the network, OCBC is the first top-tier bank in Singapore to join IIN.
Currently 134 banks in the Asia-Pacific region are members of the blockchain network, from a total of 343 banks worldwide.
Introduced in 2017, the objective of IIN was to create a platform that enables banks to connect to the same network as a way of addressing issues relating to global payments processes and delays in overseas transactions.
John Hunter, global head of Clearing for JPMorgan Chase, said the long-term goal for IIN is to utilize blockchain technology for financial institutions.
“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry,” he said.
Hunter added that the next step for the project will be to develop new products as well as new applications for the blockchain network while attracting more members to IIN.
“The more banks that join the network, the more dramatic the reduction in payment delays,” Hunter revealed. “As the network scales, our clients’ payments will be processed faster with less operational expense.”
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