Largest number of banks to join live application of blockchain technology
Sep 25, 2018
J.P. Morgan (NYSE: JPM) today announced the expansion of its Interbank Information Network (IINSM), the first live blockchain service offered by the firm. More than 75 banks have signed up to be part of IIN, the largest number of banks to join a live application of blockchain technology.
“We’ve been actively exploring how emerging technologies such as blockchain, AI, and an enhanced digital experience can be deployed in our Treasury Services business to better serve our clients’ ever changing needs,” said Takis Georgakopoulos, Global Head of Treasury Services. “We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of 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 permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan.
“We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join,” said Emma Loftus, Head of Global Payments and Receivables, J.P. Morgan Treasury Services. “We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries.”
The expanded network of banks will facilitate global cross-border payments in every major market, including Latin America, Asia, Europe, the Middle East and Africa. The full list of IIN banks now includes:
1. Banca Mifel
2. Banco BICE
3. Banco Bisa
4. Banco Davivienda S.A.
5. Banco de Crédito del Perú
6. Banco de Galicia y Buenos Aires
7. Banco Industrial
8. Banco Mercantil del Norte
9. Banco Mercantil Santa Cruz
10. Banco Nacional de Bolivia
11. Banco Popular Dominicano
12. Banco Regional
14. Bank of Montreal
15. Itau Unibanco
16. JPMorgan Chase
17. National Bank of Canada
18. Royal Bank of Canada*
19. The Toronto-Dominion Bank
20. Allied Irish Bank
21. Banco de Investment Global, S.A.
22. Banco de Sabadell
23. Banco Santander
25. Banque Internationale de Commerce - BRED (Suisse) SA
26. Banque Thaler SA
27. CBH Compagnie Bancaire Helvétique SA
28. CIM Banque S.A Geneve
29. Cooperatieve Rabobank U.A.
30. Credit Agricole S.A.
31. Norddeutsche Landesbank Girozentrale
32. PKO Bank Polski S.A.
33. Privatbank IHAG Zurich AG
34. Reyl & Cie SA
35. Société Générale
36. The First International Bank of Israel Ltd
37. UniCredit (through their subsidiary UniCredit Bank Austria)
38. Australia and New Zealand Banking Group Limited*
39. BRAC Bank Limited
40. China CITIC Bank International Limited
41. China Guangfa Bank
42. Chong Hing Bank Limited
43. Ho Chi Minh City Development JS Commercial
44. ICICI Bank Limited
45. Indovina Bank Ltd
46. Joint Stock Commercial Bank for Investment and Development of Vietnam
47. KASIKORNBANK Public Company Limited
48. KEB Hana Bank
49. Mizuho Bank, Ltd.
50. Prime Bank Ltd.
51. PT Bank Central Asia Tbk
52. PT Bank CIMB Niaga Tbk
53. Resona Bank, Ltd.
54. Shinhan Bank
55. Sumitomo Mitsui Banking Corporation
56. Union Bank Of The Philippines
57. Vietnam Joint Stock Commercial Bank for Industry and Trade
58. Woori Bank
Central & Eastern Europe, Middle East and Africa
59. Al Rajhi Banking & Investment Corporation
60. Alawwal Bank
61. Bank ABC (Arab Banking Corporation B.S.C.)
62. Bank Al Habib Limited
63. Barclays Bank Tanzania Limited
64. Barclays Bank Zambia PLC
65. Commercial Bank of Africa Limited
66. Commercial International Bank (Egypt) S.A.E
67. Credit Libanais SAL
68. DenizBank A.S.
69. Habib Metropolitan Bank Limited
70. Joint-Stock Company BCS-Investment Bank
71. JS Bank Limited
72. Kuveyt Turk Katilim Bankasi A.S.
73. MauBank Limited
74. National Bank of Kenya Limited
75. National Bank of Kuwait S.A.K.P.
76. Turkiye Finans Katilim Bankasi A.S.
*denotes 2017 pilot client*
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $24 trillion of assets under custody and $433 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
About J.P. Morgan Treasury Services
J.P. Morgan’s Treasury Services business processes approximately 26 million transactions per day worth over $3T in 108 currencies and 100 countries. J.P. Morgan is the largest US dollar clearer globally. The business has been aggressively investing in technology to improve the end-to-end client experience.