JPMorgan aims to expand use of blockchain to improve payment systems
By Akshay Kedari  Date: 2019-08-20

JPMorgan aims to expand use of blockchain to improve payment systems

The company has developed a function for verifying in real time whether a payment was being transferred into a valid account

Reports confirm that JPMorgan Chase is planning to expand its deployment of blockchain technology for improving the payment system of the banking industry, and also to encourage FinTech companies to try and develop the platform further.

Apparently, through this platform, banks are allowed to resolve any issues with compliance fast, as these can lead to delay in payments by weeks. In the previous year, it was observed that more than 75 of the world’s biggest banks had joined the Interbank Information Network, or IIN, as a member to fight against threats from payment startups.

In addition, more than 220 banks have signed up for the initial service, which allows data sharing on payments over the network.

According to head of global clearing of JPMorgan, John Hunter, the company has developed a function for verifying in real time whether a payment was being transferred into a valid account.

The company expects that the system will be functional by the third quarter of 2019, with the anticipation that this system will be particularly useful for international payments, which experience greater error rates. Currently, the services are free but there is a probability for both commercial and paid applications in the future.

Seemingly, the IIN is also establishing a sandbox so that FinTechs are able to develop and release applications. It is also projected to be launched in the third quarter this year, providing developers with data modelling, secure messaging, document file transfer, and more. Its implementation would tackle many obstacles and challenges in data, ecosystem, tooling, and environment.

For the uninitiated, J.P. Morgan Chase is a U.S.-based investment bank and financial services firm with headquarters in New York City. It is one of the largest banks in the U.S. and as of 2018, it was ranked as the sixth largest bank in the world by S&P Global.

Source Credit: https://www.pymnts.com/blockchain/2019/jpmorgan-blockchain-payments/       

About Author

Akshay Kedari    

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Huawei to install new 5G base stations to tackle spreading Coronavirus
Huawei to install new 5G base stations to tackle spreading Coronavirus
By Akshay Kedari

Huawei, the renowned Chinese telecommunications equipment and consumer electronics seller, reportedly announced that it would install new 5G base stations in Wuhan city to help tackle the breakout of Coronavirus. The company has already begun work to...

British officials advise limited role to Huawei in U.K. 5G network
British officials advise limited role to Huawei in U.K. 5G network
By Akshay Kedari

British officials have formally granted Huawei a limited role in the future 5G network of the U.K., dismissing the U.S. calls to completely ban Huawei. The U.S. had earlier accused the company of spying on behalf of the Chinese government.  Off...

Boom and Flight Research to bring XB-1 test flights to Mojave Corridor
Boom and Flight Research to bring XB-1 test flights to Mojave Corridor
By Akshay Kedari

Boom Supersonic, a Colorado based startup that is designing the fastest supersonic airliner in history, has reportedly announced a new strategic partnership deal with Flight Research, Inc., a leading provider of training, services and support activit...

DTM™ spinal cord stimulation shows superior back pain relief in RCT
DTM™ spinal cord stimulation shows superior back pain relief in RCT
By Akshay Kedari

Medtronic plc, a Dublin-based medical technology, services, and solutions company, has reportedly announced three-month results from a large, multicenter RCT (randomized controlled trial) demonstrating statistically meaningful (p=0.0009) and improved...

Mercury Systems, Intel bring in new flight safety-certifiable modules
Mercury Systems, Intel bring in new flight safety-certifiable modules
By Akshay Kedari

Mercury Systems Inc., one of the leading aerospace and defense companies, has recently introduced the first-ever commercially-available compute module, EnsembleSeries™ CIOE-1390 module, embedded with its BuiltSAFE™ technology and Intel&re...