February 6, 2023

80 banks from Japan to join JPMorgan blockchain platform

80 banks from Japan to join JPMorgan blockchain platform

Over 80 banks from Japan showed interest in participating in the JPMorgan blockchain platform - Interbank Information Network (IIN), reports The BlockCrypto.

JPMorgan Executive Director Desaburo Sanai(Daizaburo Sanai) said that after joining so many banks, it will become a leader among the countries already participating in the IIN project, which currently has 360 banks from around the world.

Traditional financial organizations switch to blockchain

The IIN blockchain platform can provide Japanese banks with a more effective fight against money laundering risks, as the network makes checking cash owners "faster and more efficient."

Japanese banks were pressured tostrengthening their anti-money laundering measures, as the Financial Action Task Force (FATF) discovered weaknesses in the country in 2014. Last month, the FATF completed its last inspection of banks in Japan and plans to announce the results next year.

Tokyo Bank Sumitomo Mitsui Trust Bankis one of the banks that signed a letter of intent to join the IIN. Takashi Endo, an employee at the Treasury Department at Sumitomo, noted that IIN can help minimize delays caused by inter-bank requests, which in turn will help “quick law enforcement cooperation, which is an effective way” to combat money laundering.

JPMorgan Bank First Launched Its IIN Network2017, allowing member banks to exchange information related to international payments on their own JPMorgan Quorum blockchain platform. Famous banks such as Deutsche Bank, Royal Bank of Canada and the Australian and New Zealand Banking Group (ANZ) have already taken part in the network.

Recall that European retail investors got access to regulated cryptocurrency ETP from Amun startup.