Interbank Information Network Archives | BCTech Report

75 Major Banks Join JPMorgan Blockchain Platform to Rival R3 and Fintech Startups

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More than 75 multinational banks have joined the JPMorgan blockchain platform to rival R3, or any other company outside of the banking sector, in a bid to keep payments ‘in-house’ via the Interbank Information Network (IIN). JPMorgan, the largest bank in the U.S., departed from the R3 consortium after a year’s membership, and together with the Royal Bank of Canada and the Australia and New Zealand Banking Group (ANZ), in October 2017 they began developing the IIN payments platform. Built using JPMorgan’s Ethereum-based private blockchain Quorum, in partnership with development studio EthLab, the…