JP Morgan's blockchain payment network will run in Japan early next year, with more than 80 Japanese banks hoping to join the network

Cointelegraph reported on December 10 that JP Morgan's blockchain payment network will operate in Japan in early 2020.

blockchain-3438501_1280 (Image source: pixabay )

The Interbank Information Network (IIN) is based on Quorum, JPMorgan's internal blockchain platform. The network plans to accelerate payment transactions and solve the problem of data sharing between banks.

According to Bloomberg, more than 80 Japanese banks have expressed their willingness to join the network. Since September 2019, a total of 365 member countries around the world have announced their participation in the interbank information network, of which Japanese banks account for more than 20%, the highest proportion of all participating countries.

Daizaburo Sanai, executive director of JP Morgan Chase, said the interbank information network currently integrates the network of 70 banks in Europe, Asia and the United States. The report states that since the Bank of Japan has not participated so far, it is expected that they will begin to integrate with the interbank information network in January 2020.

Sanai said Japanese companies want to join the network to improve anti-money laundering measures, and reports show that the tool can track cash payees "faster and more efficiently."

The interbank information network was launched as a pilot project in 2017, and Deutsche Bank, Germany's largest bank, joined the network in mid-September 2019.

JPMorgan Chase actively explores blockchain technology

JPMorgan Chase is the second largest investment bank in the world after Goldman Sachs. The bank has been actively exploring blockchain and cryptocurrency related businesses. The company's cryptocurrency, JPM Coin, is expected to launch at the end of 2019.

Recently, JPMorgan Chase announced a new blockchain derivative project aimed at accelerating the transfer of cash and collateral. According to an official statement in mid-November, JP Morgan Chase partnered with California-based fintech company Baton Systems to implement blockchain-based technology for instant transfers to multiple clearing houses.