A major blockchain payment trial launched by JP Morgan, Australia’s ANZ and the Royal Bank of Canada added 75 banks.
Interbank Information Network (IIN)
In fact, the banks just created a blockchain-powered cross-border payment system called the IIN.
It’s a shared ledger for cross-border payments that allows banks to add or correct information needed to send money between banks. To help test it, 75 banks are on board to see how quickly it can mainstream finance.
According to the Financial Times, Santander and Societe Generale are part of the test
“One of the most costly and time-consuming elements of executing cross-border payments today is in correspondent banks having to research and respond to compliance inquiries… Payments that are flagged for compliance reasons can be delayed for up to two weeks, but this technology can reduce that to minutes,” said JP Morgan CFO Marianna Lake, as quoted by Business Insider.
Blockchain will Replace Existing Technology
Not long ago, JP Morgan CIO Lori Beer noted that blockchain will replace existing technologies.
“We will see a greater and wider use of blockchain. In a few years blockchain will replace the existing technology, today it only coexists with the current one,” she said.
Mastercard filed a few patents for using blockchain technology with the USPTO
For example, its patent titled, “Method and System for Recording Point to Point Transaction Processing” reveals its interest.
“The use of digital ledgers, such as blockchains, may further facilitate the services provided by such a platform… In cases where ledgers like blockchains are used, the leaders may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data.”
“Everyone is talking about blockchain, and no one wants to be left behind,” according to PwC’s 2018 Global Blockchain Survey, which included 600 executives.
In addition, another survey by Deloitte revealed that nearly 40% of companies want to invest millions in the technology. That survey spoke with 1,050 executives in telecom, media and tech. Results showed that about 59% said it’s possible for it to disrupt their industries.
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