75 Banks Joined JPMorgan’s Blockchain Payment Tests
September 26, 2018
75 more credit organizations took part in the large-scale blockchain payment testing launched by JPMorgan and the Canada’s major bank in October last year. The trial was purposed to find less time- and funds-consuming ways in interbank payments.
The testing platform called Interbank IN is based on JPMorgan’s Ethereum blockchain network and is likely to turn into its own organization.
Currently, according to Financial Times, major banks with Societe Generade among them have joined this broad testing.
Jason Goldberg, JPMorgan analyst, explained that transactions is a sector with banks being involved in hard competition with non-banking organizations and said that blockchain is a big boost to stabilize your business.
The test is focused primarily on resolving problems with transactions that include errors or long delays due to legal proceedings. Handling these issues may take some days as it may involve several banking companies.
JPMorgan also expects IIN supporting payments not in USD only but other currencies as well.