November 27, 2022

80+ Japanese banks will join JPMorgan’s payment blockchain network

80+ Japanese banks will join JPMorgan’s payment blockchain network

More than 80 banks in Japan have expressed interest in the JPMorgan blockchain platform, Interbank Information Network (IIN).

Desaburo Sanai (Executive)Director of JPMorgan, told Bloomberg that IIN will help Japanese banks reduce the risks associated with money laundering, as the network makes checking recipients "much faster and more efficient."

Earlier Task Force for the Development of Financial MeasuresAnti-Money Laundering (FATF) pointed out the shortcomings in the country's banking system, in connection with which Japanese banks obliged to strengthen measures to combat money laundering. Last month, the FATF reportedly completed its last on-site inspection in Japan and plans to announce the results next year.

Tokyo Sumitomo Mitsui Trust Bank isone of the banks that signed an agreement of intent to join the IIN. Takashi Endo, an employee at Sumitomo, said that IIN will minimize the time delay between requests between banks, and, in turn, will help law enforcement agencies quickly obtain the necessary materials.

JPMorgan's IIN was first launched in 2017year to allow member banks to exchange financial information on their own Quorum blockchain platform. Among the famous banks participating in the network are such names as Deutsche Bank, Royal Bank of Canada and others.