75 banks have joined the blockchain payment test initiated by JPMorgan Chase
A blockchain payment test initiated by JPMorgan Chase, ANZ Australia and Royal Bank of Canada has attracted more than 75 new banks to join.
According to CoinDesk, the three banks launched the project in October 2017 to reduce the time and cost of interbank payments in the traditional way.
The platform is called the Interbank Information Network (IIN), which is based on the blockchain network Quorum on Ethereum. Quorum is a blockchain network developed by JPMorgan Chase.
According to a report released by the Financial Times recently, in order to cope with the increasing number of payment products entering the market, large banks including Societe Generale and Santander have joined the experiment.
Jason Goldberg, a bank analyst at JPMorgan Chase, stated banks are most vulnerable to non-bank competition threats in the payments arena.
It is worth mentioning that this trial is designed to solve the problem of delays due to errors or compliance reasons. These issues may take several weeks to resolve if multiple banks are involved in the entire payment chain.
Currently, the daily trading volume of these banks on IIN is about $14,500, but this data is expected to rise rapidly as more new members join the project.
The Financial Times added that JP Morgan Chase also plans to add legal tenders other than the US dollar to the system.
Executive editor： Nino