Seventy-five financial institutions have joined the program of testing of Interbank Information Network (IIN), built on the blockchain JPMorgan Chase.
Testing blockchain platform JPMorgan Chase began in April of this year, together with Australia and New Zealand Banking Group and Royal Bank of Canada. Created to reduce the necessary to transaction time and cost, the platform runs on a network Quorum, developed by JPMorgan Chase on the basis of the Ethereum blockchain in 2016-th year.
Yesterday to testing blockchain project was joined by a large group of large banks, including the French financial conglomerate, Société Générale and Spanish Bank Santander.
Jason Goldberg, an analyst at JPMorgan Chase, believes that the improvement of the payment system is an area in which banks are the most threatening non-Bank competition:
“The blockchain will help banks to maintain a payment business”
The blockchain eliminates the possibility of problems, the solution of which can take weeks, when the chain of payments involved several banks.
IIN allows you to carry out transactions for the sum about 15 thousand dollars a day, but it is expected that this number will increase rapidly as soon as the project will join new members. JPMorgan also plans to add other Fiat currencies other than USD.
We remind that in February of this year, together with JPMorgan, Bank of America and Citigroup have banned the buy bitcoins using credit cards, citing the high risk associated with extreme volatility. The head of the American financial giant, Jamie Dimon, has repeatedly emphasized its negative stance against bitcoins. Despite this, the underlying cryptocurrency technology itself JPMorgan Chase is actively used to optimize different Fiat payment solutions of the Bank.