“IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays,” said Emma Loftus, Head of Global Payments and FX, J.P. Morgan Treasury Services.  “Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks.”

Processing global payments is very complex. Multiple layers of communication occur amongst payment participants to verify and process transactions. By leveraging blockchain technology, IIN will significantly reduce the number of participants currently needed to respond to compliance and other data-related inquiries that delay payments.

Royal Bank of Canada and Australia and New Zealand Banking Group Limited are the first two banks to join IIN, representing significant cross-border payment volumes. Other correspondent banks are expected to join in the coming months.  IIN is powered by Quorum, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan. Quorum’s focus on privacy enables secure data sharing via IIN.

J.P. Morgan’s Treasury Services business processes approximately $5 trillion in payments every day for clients in more than 100 countries. The business has been aggressively investing in technology to improve end-to-end client experience.  In particular, emerging technologies such as blockchain, machine learning and robotics are being deployed by the business to improve platforms and develop innovative products and solutions.

The post J.P. Morgan deploys blockchain with new correspondent banking network appeared first on International Finance.