June 19, 2024

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's product to improve the efficiency and speed of payee verification to better combat money laundering risks. As FATF previously foundshortcomings in the existing mechanisms, then financial institutions of the land of the rising sun are under pressure and are striving 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. When Deutsche Bank joined in September, it had 320 members.

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