According to the latest announcements, JPMorgan's blockchain payment network is going to begin operating in Japan at the beginning of 2020.
Based on Quorum, JPMorgan's in-house blockchain platform, the Interbank Information Network (IIN) plans to quicken payment transactions as well as address significant challenges of sharing data among banks.
Not so long ago, Bloomberg made a report where more than 80 Japanese banks expressed their intent to join JPMorgan's project. Japanese banks now estimate for more than 20% of the 365 total global members that stated their participation since September 2019, accounting for the most prominent part of participants from any single country.
A supervisory director at the JPMorgan Daizaburo Sanai mentioned that the INN is presently working at 70 banks in the US, Europe, and Asia. As Japanese banks have not engaged to date, they are expected to begin integrating with the INN in January 2020.
Japanese organizations need to join the platform to develop Anti-Money Laundering models because the tool, according to reports, executes the tracking of cash receivers “quicker and more effective.”