More than 80 banks in Japan stated its intention to join the Interbank information network (IIN) JPMorgan on the basis of blockchain platforms Quorum.
According to Executive Director of JPMorgan Daizaburo Sanai, now IIN use 365 organizations around the world, 70 of which are banks. If you want to join the network, the percentage of Japanese participants will exceed 20%.
Banks expect that the product JPMorgan will increase the efficiency and speed of check payees to improve deal with the risk of money laundering. As previously, the FATF found deficiencies in the existing arrangements, the financial institution of the country of the rising sun are under pressure to modernize the system.
Guide Tokyo Sumitomo Mitsui Trust Bank, which has also expressed a desire to join, says that IIN will help minimize delays related to interbank queries, thereby speeding up the interaction with law enforcement.
IIN network is expanding rapidly. At the time of accession by Deutsche Bank in September, it consisted of 320 participants.
text: Ivan Malichenko, photo: caixin