A total of 37 Latin american banks participate in the interbank network based on blockchain developed by the investment banking u.s. JPMorgan Chase. The information follows the most recent statement from the firm, disclosed this Thursday, September 19.JPMorgan reported that, since its launch in September of 2018, your project based on blockchain, known as Network Information Check, INR (Interbank Information Network), it already has 344 affiliated banks at the global level. According to the listing, available on the official website of the signature, among the current partners are financial institutions relevant to the global level, such as Deutsche Bank of Germany.Banks of several Latin american countries such as Panama, Mexico, Argentina, Brazil, Chile, Peru, and Bolivia, among others, joined the network. Until now, the project has attracted the most interest in Panama and Mexico, where the greater part of the Latin american entities integrated network, with 8 and 6 respectively.John Hunter, global director of compensation of JPMorgan Chase, said that the project IIN pursues the development of “a significant ecosystem of users banking”. As stated, the goal is to “take advantage of emerging technologies such as blockchain to better address the complex industry of cross-border payments”, he explained.Initially, the platform IIN allowed the banks to share information in a ledger book of common access, in order to avoid delays due to problems of compliance. The system is based on a a variation is authorized in the chain of blocks Ethereum, developed by Quorum. According to the official information, “IIN allows the member banks to exchange information in real time as a way to verify that you have approved a payment”.However, in the month of April this year, JPMorgan said that it would add services of settlement of interbank payments on local and cross-border, to compete in the segment of digital payments with suppliers such as Ripple, TransferWise, and Revolut.“In just one year, we have seen how IIN scale and is expanded in terms of functions and capabilities, and we are excited about the growth that is coming,” said John Hunter, in an interview. The executive explained that the network is operating effectively 65 banks and the rest of the partners are in the process of integration, which will be completed before the end of the year 2021.Hunter noted that NIE would be able to process between 2% and 5% of international payments. In addition, he said that JPMorgan explore new applications that can be integrated to the network.
