As per the Financial Times report on April 21, JPMorgan Chase (JPM) is adding new features to its Interbank Information Network (IIN), the first live blockchain service offered by the firm, to help reduce the number of global payments rejected by errors.
According to the report, the IIN is currently free to use but over time, subscriptions may be introduced.
220 banks around the world are in the Interbank Information Network (IIN) and with this technology, real-time payment data sharing has now become less prone to delays in processing times.
IIN was launched as a pilot scheme in 2017 and as per the experts at JPM, this technology will provide many benefits to the banking system.
John Hunter, JPM’s head of global clearing, told FT :
Banks straight through processing rates are in the mid-80s to mid-90s. It’s that gap — the 5 to 20 percent of payments — that have to be assessed by operations where we’re trying to alleviate some of that pain.
John states that the new feature has been built to instantly verify whether a payment is heading to a valid bank account and the payments won’t be rejected days after they were sent because of typing mistakes on account numbers etc.
JPM’s own cryptocurrency “JPM Coin” was launched this February. The coin will be used to make the settlements more efficient, cut costs and delay and might mature to have a consumer acc. to the CEO Jamie Dimon.