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JP Morgan’s blockchain payments initiative joined by its first Singapore bank

JP Morgan’s platform for blockchain payments has been joined by its first one from Singapore, OCBC Bank.

OCBC Bank is South East Asia’s second-largest bank by assets.

JP Morgan’s Interbank Information Network (IIN) has a total of 345 banks as its members, out of which a rough 40 percent of these banks are from the Asia Pacific.

Interbank Information Network (IIN) has developed an ecosystem for banks to combine both crypto and banking needs.

“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.” John Hunter, global head of clearing for JPMorgan Chase

The blockchain payment platform is based on Ethereum and is a permissioned blockchain. Its developed in-house by JP Morgan.

Interbank Information Network (IIN) is built such that the “exchange information in real-time as a way to verify that a payment has been approved,” according to the recent announcement from JPMorgan.

IIN by the end of 2019 aims to have around 400 members.


#Jpmorgan #ocbcbank

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