The JP Morgan blockchain payments network chase to add new features has landed in Japan. Soon Japan will have JPM Coin to speed up the cross-border payments between the firms and bond transactions. JPM coin is a stable coin that intends to enable faster and secure payment processing. Again, customers can use it for commodity transactions. Earlier reports say it runs on the native version of Ethereum named Quorum. The stablecoin which was earlier limited to only U.S. dollars is now expanding to other currencies with time.
Now the new reports came early this morning and suggest that the U.S. banking multinational is eyeing a launch for its interbank information network in the East Asian nation possibly in early 2020. Built on Quorum, JP Morgan’s Interbank Information Network (IIN) is a permission blockchain payments network on Ethereum. It is designed to enable member banks to exchange information in real-time. The broader its use; the better it is for verifying payments – JP Morgan confirms. In addition, the bank says it will help reduce friction in international payments and ultimately leads to faster processing times.
What Makes Japan To Consider JP Morgan Blockchain Payments Network?
According to Bloomberg’s report, the largest number of banks to join JP Morgan’s network as a way of reducing the risk of money laundering. 80 Japanese banks to date have shown the expression of interest in joining IIN to date. But more will join soon – the executive director of JP Morgan, Daizaburo Sanai told.
Japan is under pressure to lift its anti-money laundering game since the Financial Action Task Force (FATF) found numerous and serious deficiencies. JP Morgan’s IIN can reduce delays in the payments. Thus, Japan thinks it will allow the member banks to quickly collaborate with law enforcement in suspected cases of money laundering.
During the press meet, the executive director agrees that IIN also makes the screening of payment recipients faster and more efficient. He also confirms that there were approximately 365 banks signed up for the initiative in mid-November from other parts of the world. And, OCBC became the first Singapore bank to join IIN in September this year. Later, the No. 1 bank globally Deutsche Bank also became a member of the network for clearing of euro-denominated payments.
What do you think? Will this biggest group formation from any single nation will succeed in reducing the money laundering? Share your views…