American global bank JP Morgan has signed up 75 banks to its first live blockchain service that seeks to speed up global payments systems.
In the Philippines, tech-savvy Union Bank of the Philippines is the first to join JP Morgan’s expanded Interbank Information Network (IIN).
IIN, launched as a pilot in 2017, minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.
Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments.
IIN is powered by Quorum, a variant of the Ethereum blockchain developed by J.P. Morgan.
“We’ve been actively exploring how emerging technologies such as blockchain, AI (artificial intelligence), and an enhanced digital experience can be deployed in our treasury services business to better serve our clients’ ever changing needs,” Takis Georgakopoulos, global head of treasury services at JP Morgan, said in a press statement. “We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of IIN.”