Jaime Dimon may not have given Bitcoin a ringing endorsement last year, but that certainly did not apply to Blockchain technology. JPMorgan Chase is on pace to have over 400 members made up of banks and other financial institutions by the end of this year.
Asia has the strongest representation in terms of regional markets with 40 percent of the firm’s partners made up of financial institutions on the continent. Deutsche Bank also joined the platform in recent days, Europe’s largest euro transaction clearer.
The Business Times quote JPMorgan Chase’s John Hunter as stating, “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.”
OCBC bank is not just a local bank, but the second largest bank in the region. JP Morgan calls the platform the Interbank Information Network (IIN). It is built on Quorom, a permissioned blockchain based on Ethereum. The platform allows banks to exchange information in real time to verify payment approval.
As the new landscape of global banking continues to leverage emerging technology, this alliance is another interesting example of how fast strategic partnerships can develop, even with competitors to assure efficiency.
- Franklin Synergy Bank to Merge into FirstBank in $611m Deal
- How Barclays is Using AI to Detect and Prevent Fraud
- Bank of America Looking to Double Market Share in Its Consumer Businesses
- The Secret to a Safer Financial Institution: Security Integration
- Check Fraud on the Rise Despite Anti-Scam Efforts, ABA Says