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Monday, October 25, 2021
Home News J.P. Morgan's Blockchain Fueled Cross-Border Payments IIN Grows to 300+ Banks

J.P. Morgan’s Blockchain Fueled Cross-Border Payments IIN Grows to 300+ Banks

J.P. Morgan’s Interbank Information Network (IIN®) has exploded in last 12 months, with more than 330 banks signing up to be part of their new blockchain cross border payments platform – including Deutsche Bank. IIN has also brought more than 65 banks live on the network since launching in 2018.

“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry,” said John Hunter, Global Head of Clearing for JPMorgan Chase. “In just one year, we’ve seen IIN scale as well as expand in terms of role and capabilities – and we are excited at the growth to come.”

Originally launched as a pilot in 2017, IIN focused on minimizing friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. J.P. Morgan is exploring new applications that can be deployed across the network as well as empowering IIN participant banks to be part of a developer ecosystem in which they can develop their own solutions for possible use across the network.

The full list of IIN banks can be found here.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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