- JPMorgan readying the launch of its blockchain-based payment network in Japan next year.
- Over 80 Japanese banks have expressed their interest in the platform.
Large U.S. investment bank JPMorgan is launching its blockchain-based payment network early in 2020 in Japan in early 2020.
It will be based on JPMorgan’s in-house blockchain platform Quorum. The Interbank Information Network (IIN) has intentions to see an acceleration in payment transactions as well as address major challenges of sharing data between banks.
Bloomberg reported that more than 80 Japanese banks have expressed their intent to join the platform.
An executive director at JPMorgan Daizaburo Sanai said that the INN is currently operating at 70 banks in Europe, Asia and the United States. As Japanese banks have not participated to date, they are expected to start integrating with the INN in January 2020, the report noted.
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