Seven Indian Banks Join JP Morgan’s Blockchain Platform IIN

India’s seven banks which include YES Bank, ICICI, Union Bank of India, Federal Bank of India and Canara Bank have joined the Interbank Information Network (IIN), a blockchain network created by leading multinational investment bank JP morgan

Based on Quorum, a permissioned-variant of the Ethereum blockchain developed by JP Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.

“The more banks that join the network, the more dramatic the reduction in payment delays,” – John Hunter, Head of Global Clearing for Treasury Services on IIN

With an extensive network of banks 3441 , JP Morgan’s IIN has drawn significant interest among correspondent banks after the pilot launched in 2017. The expanded network of banks will facilitate global cross-border payments in every major market, including Latin America, Asia, Europe, the Middle East and Africa.