Over 75 new banks became participants in a major Blockchain trial launched by JPMorgan, Australia’s ANZ and the Royal Bank of Canada.
The project was set up in October 2017, by the three banks, with an aim to slash the time and costs requirements for interbank payments using traditional methods.
The platform is called the Interbank Information Network (IIN) and is built on Quorum- an Ethereum-based Blockchain network developed by JPMorgan. This platform has the possibility to be spun off into its own enterprise.
A large group of major banks, including Societe Generale and Santander, has joined the trial in response to the rising number of rival payment offerings coming into the market.
The trial is aimed at addressing payments containing errors, or those getting held up for compliance reasons. These problems can usually take weeks to solve with multiple banks being involved across the payments chain.
Although the number is expected to rapidly expand as more new members join the project, the effort will see the banks transact payments to the value of around $14,500 per day over IIN.
There are plans by JPMorgan to eventually add fiat currencies other than USD to the system.
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