According to a Business Times Singapore report on Sept. 20, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan Chase’s interbank blockchain network (IIN).
Oversea-Chinese Banking Corporation (OCBC) has become the first Singapore-based bank to join the INN. OCBC is the second largest bank in Southeast Asia by assets.
With the addition of OCBC – the second-largest bank in Southeast Asia by assets – JPMorgan’s Interbank Information Network (IIN) now has around 345 banking members across the globe. Roughly 40 percent of those are from the Asia-Pacific region.
Built on Quorum, a permissioned blockchain based on Ethereum and developed in-house by JPMorgan, IIN is designed to enable member banks to “exchange information in real-time as a way to verify that a payment has been approved,” according to recent announcement from JPMorgan.
Interbank Information Network (IIN)
IIN was launched as a pilot in 2017, and aims to ease the friction involved in the global payments process. It runs on a permissioned blockchain developed by JPMorgan called Quorum, which is described as a variant of the Ethereum blockchain.
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.
JP Morgan’s Interbank Information framework is the company’s first P2P, the scalable system connected by blockchain technology. By limiting the problems in the cross-border payments’ procedure, IIN will serve to address the longstanding difficulties of interbank data sharing.
Just last week, Germany’s biggest bank, Deutsche Bank, also joined the IIN framework. OCBC arrives only a couple of days after Deutsche Bank, the world’s largest clearer of euro payments associated with the IIN. JPMorgan is targeting 400 members before the closure of 2019.