News of the launch of JPMorgan Chase’s blockchain network in 2020 has many parties in Japan interested. According to Bloomberg Japan, approximately 80 Japanese banks are considering joining the network. JPMorgan’s blockchain payments network, called the Interbank Information Network, helps to facilitate international remittances efficiently at lower costs across financial institutions and also aids in anti-money laundering (AML) measures.
The IIN is being used across 70 banks primarily in the United States, Asia and Europe. JPMorgan’s plan of expansion into Japan has seen 79 banks’ intentions to participate since September 2019, including Mitsubishi UFJ Bank, Sumitomo Mitsui Trust Bank, The Shonai Bank, The Tottori Bank and more.
Executed on JPMorgan’s blockchain platform Quorom, Germany’s Deutsche Bank was the first bank to join the network when the pilot version of the platform was first made available in 2017.
Dr. Yukio Uchino from Daiwa Institute of Research stated that the blockchain network will allow greater efficiency in reviewing account information and standardization in certain financial processes across different banks in the world.
