According to a Business Times report, OCBC has become the first bank in Singapore to join JP Morgan’s interbank information network today. OCBC will join other 112 banks from Asia Pacific region to use JP Morgan’s IIN. Since 2018 a total of 343 banks have signed up with JP Morgan.
JPM introduced Interbank Information Network back in 2017 with the aim to reduce the hassle involved in global payment processes. IIN runs on the blockchain developed by JPM known as Quorum, which is also described as a variant of Ethereum blockchain.
John Hunter, global head of clearing for JPMorgan Chase said that the intent with IIN was always to develop a meaningful ecosystem of banks users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry.
He further added that in just one year, they have seen the IIN scale and expand in terms of role and capabilities, and they are excited about the growth to come. Let us know in comments what do you think about the JPM’s blockchain network?