Investorideas.com - J.P. Morgan (NYSE: $JPM) Deploys #Blockchain with New Correspondent Banking Network

Investorideas.com - J.P. Morgan (NYSE: $JPM) Deploys #Blockchain with New Correspondent Banking Network

Pilot with Royal Bank of Canada and Australia and New Zealand Banking Group Limited aims to disrupt the global payments industry

NEW YORK - October 16, 2017 (Investorideas.com newswire) J.P. Morgan (NYSE:JPM) with two global partners, Royal Bank of Canada and Australia and New Zealand Banking Group Limited, announced the launch of the Interbank Information Network (IIN). The new initiative will use blockchain technology to minimize friction in the global payments process. IIN will allow payments to reach beneficiaries faster with fewer steps and better security.

"IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays," said Emma Loftus, Head of Global Payments and FX, J.P. Morgan Treasury Services. "Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks."

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