John Hunter, the head of global clearing at J.P. Morgan, said to Financial Times that the development of J.P. Morgan’s interbank blockchain powered by Quorum continues with plans to expand its functions. The P2P network dubbed Interbank Information Network (IIN), which launched as a pilot in 2017, is designed to minimize friction in the cross-border payments process such as resolving compliance issues.
There are now more than 220 banks that have signed up for IIN. IIN’s services are currently free to use for all the banks that signed up, which could explain the high amount of participating banks. Mr Hunter said that while the initial use case was centered around sanctions screening, J.P. Morgan is now “looking at the ability to do more at the point of settlement.” The new functionality will help banks verify in real time whether a payment is going to a valid account. Mr Hunter said that the new service will go live in Q3.