U.S. banking giant JPMorgan expanding blockchain project and payments to 220 banks

• JPMorgan is “looking at the ability to do more at the point of settlement” using its new blockchain feature.
• The feature will go live in the third quarter of 2019 and will support both domestic and international payments.

The leading investment bank in the United States JP Morgan is reported to be planning to grow its blockchain project to support settlement features. The development is to see the bank deal with the rising competition from digital transfers by both TransferWise and Ripple.

According to CoinDesk, the lockchain-based Interbank Information Network (IIN) which was formed following a partnership with Australia’ ANZ bank in collaboration with Royal Bank of Canada in 207. The association currently has 220 banking members who are allowed to expedite the addressing of payments that have errors or get stuck due to various compliance reasons.

According to The Financial Times on Sunday, the head of global clearing at JPMorgan John Hunter the banking giant is “looking at the ability to do more at the point of settlement.” He added that JPMorgan has developed a feature that will support real-time verification for transactions being processed. At the moment, banks are forced to deal with delays that result from errors in the recipient’s account number, the sort code or any other details.

The feature will go live in the third quarter of 2019 and will be used for both domestic and international payments.