J.P. Morgan IIN Grows over 300 Banks, Including 3 Thai Banks in Blockchain Network

J.P. Morgan’s Interbank Information Network (IIN®) has expanded dramatically over the last 12 months, as more than 320 banks globally have signed up to be part of IIN – including Bank of Ayudhya, KASIKORNBANK and Thanachart Bank in Thailand. IIN has also brought more than 65 banks live on the network since launching in 2018.

Powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.

 

“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry,” said John Hunter, Global Head of Clearing for JPMorgan Chase. “In just one year, we’ve seen IIN scale as well as expand in terms of role and capabilities – and we are excited at the growth to come.”

“We are encouraged by the strong interest from the three major banks in Thailand to join our IIN initiative, as we look to address the challenges banks face in cross-border payments pertaining to friction points caused by multiple hops through the payment chain when further information is required. With IIN, the time taken to resolve these inquiries can be reduced from up to 16 days to mere hours,” said Chayotid Kridakon, Senior Country Officer for J.P. Morgan Thailand.

“The expansion of IIN demonstrates the firm’s leadership in developing blockchain technology at scale and commitment to creating solutions tailored to clients’ needs,” Kridakon added.

The full list of IIN banks can be found here.

 

About IIN

Originally launched as a pilot in 2017, IIN focused on minimizing friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.  J.P. Morgan is exploring new applications that can be deployed across the network as well as empowering IIN participant banks to be part of a developer ecosystem in which they can develop their own solutions for possible use across the network.

 

About J.P. Morgan’s Corporate & Investment Bank

J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $25 trillion of assets under custody and $458 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.  Further information about J.P. Morgan is available at www.jpmorgan.com.