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JPMorgan launches payment network using blockchain technology


The largest bank consortium in the US, , is launching a new platform for interbank payments, built on the basis of a blockchain. The Interbank Information Network (IIN) will be launched with the participation of two other banks - the Royal Bank of Canada and the Australian and New Zealand banking group and is built on Quorum, the corporate blockchain network JPMorgan based on the Etherium, which was first introduced last fall. It is expected that during the coming months other participating banks will join this initiative.

Emma Loftus, head of global payments and foreign exchange at JPMorgan Treasury Services, said:

IIN will improve the client experience, reducing the time from a week to an hour and costs associated with solving delays in payments. The possibilities of the blockchain allowed us to rethink how important information can be obtained and exchanged among global banks.

This statement by the banking giant seems particularly important in the context of the fact that its financial services carry out trillions of transactions a day. Previous reports show that cross-border payments are one of the main activities of the bank.

Clearly, JPMorgan Chase demonstrates considerable interest in the technology of blockchain, despite the fact that its leader, Jamie Dimon (Jamie Dimon) has repeatedly publicly criticized bitcoin, calling it "fraud". World Bank President Jim Yong Kim also expressed his admiration for the technology of blockade, but is skeptical about bitcoin, crypto currency, where this technology was first used.

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