According to Bloomberg, more than 80 Japanese banks have expressed a willingness to join the Interbank Information Network (IIN). JPMorgan, which launched IIN as a pilot in 2017, has begun implementing it outside of Japan and plans to go live in the country as soon as January 2020.
The blockchain-based Interbank Information Network (IIN), set up in partnership with Australia’s ANZ bank and the Royal Bank of Canada back in 2017, currently allows over 220 banking members to quickly address payments that contain errors or get held up for compliance reasons – problems that can take weeks to solve with multiple banks being involved across the payments chain.
With IIN, when a payment is flagged for confirmation, several parties can request and share information simultaneously, speeding up global money transfers. Japanese banks have been under pressure to strengthen steps to prevent money laundering and terrorist financing since the Financial Action Task Force found deficiencies in the country in 2014. IIN is aimed to minimize delays caused by inquiries between banks that could enable collaboration with law enforcement authorities to fight money laundering.
More @ Bloomberg News
JPMorgan image via Shutterstock
