The Interbank Information Network (IIN), which JPMorgan, Royal Bank of Canada and ANZ have been trialling for the past year, has expanded, with more than 75 banks now involved.
“We’ve been actively exploring how emerging technologies such as blockchain, AI, and an enhanced digital experience can be deployed in our Treasury Services business to better serve our clients’ ever changing needs,” says Takis Georgakopoulos, Global Head of Treasury Services, JPMorgan. “We will lead the market with the roll-out of a robust pipeline of innovations over the coming months, beginning with the launch of IIN.”
IIN aims to minimise friction in the cross-border payments process. Think a bunch of banks teaming on their own version of Ripple, possibly built because they feel SWIFT is not adapting to a rapidly changing landscape. Using blockchain technology, it reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments. IIN is powered by Quorum, a permissioned-variant of the Ethereum blockchain, developed by JPMorgan.
“We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join,” says Emma Loftus, Head of Global Payments and Receivables, JPMorgan Treasury Services. “We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries.”
The full list of IIN banks as follows:
- Banca Mifel
- Banco BICE
- Banco Bisa
- Banco Davivienda S.A.
- Banco de Crédito del Perú
- Banco de Galicia y Buenos Aires
- Banco Industrial
- Banco Mercantil del Norte
- Banco Mercantil Santa Cruz
- Banco Nacional de Bolivia
- Banco Popular Dominicano
- Banco Regional
- Bank of Montreal
- Itau Unibanco
- JPMorgan Chase
- National Bank of Canada
- Royal Bank of Canada*
- The Toronto-Dominion Bank
- Allied Irish Bank
- Banco de Investment Global, S.A.
- Banco de Sabadell
- Banco Santander
- Banque Internationale de Commerce – BRED (Suisse) SA
- Banque Thaler SA
- CBH Compagnie Bancaire Helvétique SA
- CIM Banque S.A Geneve
- Cooperatieve Rabobank U.A.
- Credit Agricole S.A.
- Norddeutsche Landesbank Girozentrale
- PKO Bank Polski S.A.
- Privatbank IHAG Zurich AG
- Reyl & Cie SA
- Société Générale
- The First International Bank of Israel Ltd
- UniCredit (through their subsidiary UniCredit Bank Austria)
- Australia and New Zealand Banking Group Limited*
- BRAC Bank Limited
- China CITIC Bank International Limited
- China Guangfa Bank
- Chong Hing Bank Limited
- Ho Chi Minh City Development JS Commercial
- ICICI Bank Limited
- Indovina Bank Ltd
- Joint Stock Commercial Bank for Investment and Development of Vietnam
- KASIKORNBANK Public Company Limited
- KEB Hana Bank
- Mizuho Bank, Ltd.
- Prime Bank Ltd.
- PT Bank Central Asia Tbk
- PT Bank CIMB Niaga Tbk
- Resona Bank, Ltd.
- Shinhan Bank
- Sumitomo Mitsui Banking Corporation
- Union Bank Of The Philippines
- Vietnam Joint Stock Commercial Bank for Industry and Trade
- Woori Bank
Central & Eastern Europe, Middle East and Africa
- Al Rajhi Banking & Investment Corporation
- Alawwal Bank
- Bank ABC (Arab Banking Corporation B.S.C.)
- Bank Al Habib Limited
- Barclays Bank Tanzania Limited
- Barclays Bank Zambia PLC
- Commercial Bank of Africa Limited
- Commercial International Bank (Egypt) S.A.E
- Credit Libanais SAL
- DenizBank A.S.
- Habib Metropolitan Bank Limited
- Joint-Stock Company BCS-Investment Bank
- JS Bank Limited
- Kuveyt Turk Katilim Bankasi A.S.
- MauBank Limited
- National Bank of Kenya Limited
- National Bank of Kuwait S.A.K.P.
- Turkiye Finans Katilim Bankasi A.S.
*denotes 2017 pilot client*