February 4, 2023

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

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

More than 80 banks in Japan announced their intention to join the JPMorgan Interbank Information Network (IIN) based on the Quorum blockchain platform.

According to the executive director of JPMorganDaisaburo Sanai, currently IIN is used by 365 organizations around the world, 70 of which are banks. If you want to join the network, then the proportion of Japanese participants will exceed 20%.

Banks expect JPMorgan to increase the efficiency and speed of verification of payees to better combat money laundering risks. Because earlier the FATF discovered deficiencies in existing mechanisms, the financial institutions of the country of the rising sun are under pressure and seek to modernize the system.

Tokyo Bank Sumitomo Mitsui ManagementTrust, which also expressed a desire to join, said that IIN will help minimize delays associated with interbank requests, thereby speeding up interaction with law enforcement agencies.

The IIN network is expanding rapidly. At the time of joining Deutsche Bank in September, it had 320 members.