JP Morgan’s blockchain-backed payment system, the Interbank Information Network (IIN), has 75 multinational banks that adopt the system.
JP Morgan strives to become the frontrunner in blockchain technology implementation in the banking industry.
Their blockchain-based payment system, the Interbank Information Network (IIN) adds 75 multinational banks as adopters to the system; among those are Societe Generale and Santander, as reported by Cointelegraph.
The IIN addresses the time-consuming and complicated cross-border payment issues experienced by banks, which often makes the institutions become less competitive to the newer non-bank solutions.
Using the blockchain technology, the transparency is improved, thus the whole process also speeds up.
Despite their stance towards crypto, JP Morgan is a big believer towards blockchain technology. Built since October 2017, the IIN was tried to several partners, such as Goldman Sachs, Pfizer Inc., and the National Bank of Canada in April.
The institution also filed a patent for the technology to the US Patent & Trademark Office on May 2018, as reported by Chepicap a while ago.