African banks such as the National Bank of Kenya and Barclays Tanzania and Zambia have joined JP Morgan’s Interbank Information Network (IIN), the first live blockchain service the company is providing. Globally, over 75 banks have signed up to join IIN.
Global Head of Treasury Services at JP Morgan, Takis Georgakopoulos said:
“We have 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. We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of IIN.”
Other African banks that have signed up are the Habib Metropolitan Bank Limited, Commercial Bank of Africa Limited, and the Commercial International Bank (Egypt) S.A.E.
The network of banks will promote cross-border payments globally.
The Interbank Information Network
In 2017, JP Morgan launched IIN as a pilot with the aim of reducing the friction in global payments processes so that they can reach the recipients faster and with fewer steps. IIN is leveraging blockchain technology to cut down on the time correspondent banks spend to respond to data-related inquiries such as compliance which delay payments.
The Interbank Information Network (IIN) is powered by Quorum, an enterprise blockchain platform based on Ethereum.
“We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join. 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,” said Emma Loftus, Head of Global Payments and Receivables, J.P. Morgan Treasury Services.