Major banks sign on with JPMorgan blockchain initiative

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:

Americas

1. Banca Mifel
2. Banco BICE
3. Banco Bisa
4. Banco Davivienda S.A.
5. Banco de Crédito del Perú
6. Banco de Galicia y Buenos Aires
7. Banco Industrial
8. Banco Mercantil del Norte
9. Banco Mercantil Santa Cruz
10. Banco Nacional de Bolivia
11. Banco Popular Dominicano
12. Banco Regional
13. Banreservas
14. Bank of Montreal
15. Itau Unibanco
16. JPMorgan Chase
17. National Bank of Canada
18. Royal Bank of Canada*
19. The Toronto-Dominion Bank

Europe

20. Allied Irish Bank
21. Banco de Investment Global, S.A.
22. Banco de Sabadell
23. Banco Santander
24. Bankinter
25. Banque Internationale de Commerce – BRED (Suisse) SA
26. Banque Thaler SA
27. CBH Compagnie Bancaire Helvétique SA
28. CIM Banque S.A Geneve
29. Cooperatieve Rabobank U.A.
30. Credit Agricole S.A.
31. Norddeutsche Landesbank Girozentrale
32. PKO Bank Polski S.A.
33. Privatbank IHAG Zurich AG
34. Reyl & Cie SA
35. Société Générale
36. The First International Bank of Israel Ltd
37. UniCredit (through their subsidiary UniCredit Bank Austria)

Asia-Pacific

38. Australia and New Zealand Banking Group Limited*
39. BRAC Bank Limited
40. China CITIC Bank International Limited
41. China Guangfa Bank
42. Chong Hing Bank Limited
43. Ho Chi Minh City Development JS Commercial
44. ICICI Bank Limited
45. Indovina Bank Ltd
46. Joint Stock Commercial Bank for Investment and Development of Vietnam
47. KASIKORNBANK Public Company Limited
48. KEB Hana Bank
49. Mizuho Bank, Ltd.
50. Prime Bank Ltd.
51. PT Bank Central Asia Tbk
52. PT Bank CIMB Niaga Tbk
53. Resona Bank, Ltd.
54. Shinhan Bank
55. Sumitomo Mitsui Banking Corporation
56. Union Bank Of The Philippines
57. Vietnam Joint Stock Commercial Bank for Industry and Trade
58. Woori Bank

Central & Eastern Europe, Middle East and Africa

59. Al Rajhi Banking & Investment Corporation
60. Alawwal Bank
61. Bank ABC (Arab Banking Corporation B.S.C.)
62. Bank Al Habib Limited
63. Barclays Bank Tanzania Limited
64. Barclays Bank Zambia PLC
65. Commercial Bank of Africa Limited
66. Commercial International Bank (Egypt) S.A.E
67. Credit Libanais SAL
68. DenizBank A.S.
69. Habib Metropolitan Bank Limited
70. Joint-Stock Company BCS-Investment Bank
71. JS Bank Limited
72. Kuveyt Turk Katilim Bankasi A.S.
73. MauBank Limited
74. National Bank of Kenya Limited
75. National Bank of Kuwait S.A.K.P.
76. Turkiye Finans Katilim Bankasi A.S.

*denotes 2017 pilot client*