More than 220 banks have joined JPMorgan Chase's interbank information network IIN

John Hunter, head of global clearing operations at JPMorgan Chase, said IIN (inter-bank information network based on blockchain technology from JPMorgan Chase) is progressing rapidly and plans to expand its capabilities. More than 220 banks have signed initial service agreements to allow payment data to be shared through IIN. Hunter said that JPMorgan Chase has developed a feature that can verify in real time whether a payment has entered a valid account, eliminating the possibility of being rejected a few days later due to account number, classification code, address or other errors in the transaction. The system will be available for use in domestic and international payments in the third quarter, but JPMorgan Chase expects the system to be more suitable for international payments with higher error rates. In addition, IIN has set up a sandbox for financial technicians to use the network to "develop and distribute applications." JPMorgan Chase is expected to launch a test environment in the third quarter, providing developers with building blocks for secure messaging, document file transfer and data modeling.