Blockchain technology is getting more expand, more banking industry adopt the system, JPMorgan Chase is planning to expand an existing blockchain technology project to include settlement features as it seeks to fend off competition from payments upstarts such as TransferWise and Ripple, as reported from The Financial Times
As previously, The blockchain-based Interbank Information Network (IIN), set up in partnership with Australia’s ANZ bank and the Royal Bank of Canada back in 2017, currently allows its over 220 banking members to quickly address payments that contain errors or get held up for compliance reasons – problems that can takes weeks to solve with multiple banks being involved across the payments chain. Blockchain problems seems to solve better right now
The Financial Times reported Sunday that John Hunter, head of global clearing at JPMorgan, said the IIN is fast developing and that the bank is “looking at the ability to do more at the point of settlement.”
JPMorgan, he said, has now built in a feature that would allow for real-time verification that a transaction is being sent to a valid account. Currently, an error in the recipient’s account number, sort code, or other detail, can result in the payment being rejected days after it was sent.
The FT said that the settlement system with Blockchain technology will be live in by Q3 2019, and will allow both domestic and international payments.
Meanshile, The Interbank Information Network has been built on Quorum, the ethereum-based blockchain network revealed by the bank in 2016. That platform is also the underlying technology for the banks much reported digital currency, JPM Coin, JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties
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