October 1, 2022

More than 80 Japanese banks will join the payment system on the blockchain from JPMorgan

In early 2020, to the payment network on the blockchain from the American investment bank JPMorgan - Interbank Information Network (IIN) - more than 80 Japanese banks will join.

The IIN system is based on the Quorum blockchain,developed by JPMorgan Chase. According to the bank, IIN will accelerate payments and solve the main problems that banks face in exchanging data.

JPMorgan Executive Director Daisaburo Sanai(Daizaburo Sanai) said that currently IIN is used in 70 banks in Europe, Asia and the United States, and in January more than 80 Japanese banks will join the platform. According to Sanai, Japanese banks are interested in cooperation, because thanks to this platform they will be able to improve measures against money laundering and more efficiently track recipients.

Daizaburo Sanai considers the presence in Japan an important strategic step, given that Japanese banks account for more than 20% of the total number of international platform participants.

It is worth noting that JPMorgan is actively introducingbanking sector initiatives related to blockchain and cryptocurrencies. For example, in February, the bank began testing its own digital currency, JPM Coin, for international payments between corporate clients and securities transactions. In addition, in September, the largest German bank Deutsche Bank joined the IIN interbank network.