More than 50 banks have joined blockchain payments party
Banks want to take part in the Blockchain revolution
J.P. Morgan, the global leader in financial services, has created a blockchain- powered cross- border payment product. We are talking about the Interbank Information Network. Exactly, 75 banks have signed up to test this new product, including Santander and Societe Generale.
J.P.Morgan has built the information sharing programme on its own proprietary blockchain platform: Quorom. Also, it has tested it with a handful of lenders since 2017.
Secondly, Interbank Information Network is a shared ledger for cross-border payments. It allows banks to add or correct information for payments sent between banks. It competes directly with platforms such as SWIFT or new startups like Ripple.
One of the most costly elements of executing cross-border payments today is in correspondent banks having to research and respond to compliance inquiries of each other.
Nowadays, payments that are flagged for compliance reasons can be delayed for some days, but this technology is able to reduce that to minutes.
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