By Kim Jae-kyoung
J.P. Morgan's blockchain-based payments initiative ― the Interbank Information Network (IIN) ― has expanded dramatically over the past 12 months, as more than 330 banks, including Deutsche Bank, have signed up to be part of it, the U.S. bank said Friday.
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."
IIN, originally launched as a pilot in 2017, focuses 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.?