JP Morgan Chase has reeled in 220 partners rapidly expanding their Interbank Information Network (IIN) stable of corporate and startup partners. The project launched as a pilot in 2017 is powered by Quorum – a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan.
IIN aims to speed up the processing of global payments and will be releasing a stable coin-like token, the JPM Coin, pegged to the U.S. dollar and expected for testing in preliminary payment settlement trials later in 2019.
John Hunter, JPMorgan’s head of global clearing, told the Financial Times that the bank is considering expanding the functions the IIN.
“The initial use case was around sanctions screening,” he said. “Now we’re looking at the ability to do more at the point of settlement.”
“This removes many challenges and hurdles — tooling, ecosystem, data, environment, etc,” said Hunter. “Developers only need to bring their intellect.”
According to the Financial Times the IIN is also setting up a sandbox for fintechs to use the network to “develop and put out applications” and the testing environment will offer developers building blocks such as secure messaging, document file transfer and data modelling.