JP Morgan has confirmed that the Oversea-Chinese Banking Corporation (OCBC), South East Asia’s second-largest lender, has joined JP Morgan’s blockchain-based Interbank Information Network (IIN), which lists over 344 banks at the moment.
John Hunter, Global Head of Clearing for JPMorgan Chase, noted growing interest for IIN’s from financial institutions saying:
“The intent with IIN was always to develop a meaningful ecosystem of bank users focused on harnessing emerging technologies, such as a blockchain to better address the complex cross-border payments industry. In just one year, we’ve seen the IIN scale and expand in terms of role and capabilities.”
The update comes 4 days after Deutsche Bank, Germany’s largest lender, joined the network. JP Morgan Head of Payments, Takis Georgakopoulos, said Deutsche Bank “will be the first of several other large banks,” and that their involvement helps the US bank “drive towards ubiquity” with ubiquity being “a prerequisite for the success of the network.”
The Interbank Information Network (IIN), is a private Ethereum-based Quorum blockchain network which connects 344 banks, including OCBC. 83 banks out of this list are from Japan. The platform, as the press-release claims, allows members to develop proprietary solutions that sufficiently increase the efficiency of cross-border payments.
The aim of JP Morgan, according to Takis Georgakopoulos, Head of Payments at JP Morgan, is to onboard 400 banks by the end of the year. JP Morgan is ranked as the world’s sixth-largest bank by total assets, and the largest lender in the US, according to S&P.