Largest Number of Banks to Join Live Application of Blockchain Technology
J.P. Morgan’s Interbank Information Network (IIN®) has expanded dramatically over the last 12 months, as more than 330 banks have signed up to be part of IIN.
Having launched as a pilot in 2017, J.P. Morgan’s Interbank Information Network (IIN ®) is the firm’s first scalable, peer-to-peer network powered by blockchain technology. From minimizing friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps, IIN serves to address the longstanding challenges of interbank information–sharing.
Powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.
With an extensive network of banks 344, IIN continues to grow and evolve into a robust ecosystem.
SWIFT Launches Global Instant Payments Service Using GPI
SWIFT has announced the launch of a new service in which it will deliver global instant payments this Monday. The payments giant has achieved this by integrating its cross-border payments service, gpi (Global Payment Initiative), into domestic instant payment systems.
Before today’s launch, the payments giant conducted a number of trials. As part of this, the New Payments Platform (NPP) in Australia delivered payments between Australia and China in 18 seconds.
In Singapore, a separate trial with Fast And Secure Transfers (FAST) was conducted. For this trial, 17 banks across seven countries participated. During the test, the fastest payment was processed in just 13 seconds and payments between all continents settled within 25 seconds.
Commenting on the launch, Harry Newman, Head of Banking, at SWIFT said: “At SWIFT, we are creating a future in which cross-border payments will be as convenient as domestic ones. It is time for the whole community to come together to seize this opportunity and establish a global real-time payments service.
SWIFT’s gpi was created to improve the customer-bank experience in the international payments space. It was launched back in 2016, and there are more than 200 financial institutions involved in the SWIFT gpi.