JP Morgan chase will soon integrate a real-time verification for transactions done via its Interbank Information Network. The IIN is based on Blockchain technology. This Blockchain Based Payment System resolves erroneous payments which happen due to any data compliance issue. With this system, the payment clearance issues linked with multiple banks get solved easily. Currently, up to 220 banking members can resolve payment errors.
The new features will overcome compliance issues like the error in banking details. Usually, upon detection of wrong info, the system declines payment. This issue may take a few days to resolve. To deal with this kind of problem new real-time verifying will kick into action. The repayment process will become faster.
John Hunter, head of global clearing at JPMorgan says the system with new features will be live around the Q3 2019. The system will support both domestic and international payments. The investment banking firm is also going to reveal a testing sandbox in Q3 2019. This will allow upcoming startups to use the IIN to experiment and develop applications based on its features.
The Interbank Information Network or IIN functions on the Quorum platform. The latter is based on the Ethereum blockchain network. This payment maintenance system came into existence in 2017. To run this system, JP Morgan has a partnership with Australian ANZ bank and the Royal Bank of Canada. Hopefully, with new attributes to its payment system, JP Morgan will strongly butt heads with its market rivals.