India’s seven banks which include YES Bank, ICICI, Union Bank of India, Federal Bank of India and Canara Bank have joined the Interbank Information Network (IIN), a blockchain network created by leading multinational investment bank JP Morgan.
Based on Quorum, a permissioned-variant of the Ethereum blockchain developed by JP Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.
“The more banks that join the network, the more dramatic the reduction in payment delays,” – John Hunter, Head of Global Clearing for Treasury Services on IIN
With an extensive network of banks 3441 , JP Morgan’s IIN has drawn significant interest among correspondent banks after the pilot launched in 2017. The expanded network of banks will facilitate global cross-border payments in every major market, including Latin America, Asia, Europe, the Middle East and Africa.