J.P. Morgan continues to develop the interbank blockchain network, with 220 Banks signed up so far

According to the financial timespost, head of global clearing at J.P. Morgan & & NBSP; John Hunter  So far, more than 220 Banks have signed up to join the service agreementInter-bank information network ( Interbank Information Network (INN), where 75 big Banks joined IIN last year.IIN's service is currently free of charge to all Banks that sign up, which may explain the number of participating Banks as high as 220.

IIN allows payment data to be Shared over the network to resolve errors quickly. IIN has also set up a sandbox for financial technicians to "develop and publish applications" using the web.

Mr Hunter said jpmorgan had developed a feature that could verify in real time whether a payment had entered a valid account, eliminating the possibility of being rejected a few days later because of errors in account Numbers, classification codes, addresses or other aspects of the transaction

The peer-to-peer network interbank information network (IIN), launched as a pilot in 2017, aims to minimise friction in cross-border payments, such as resolving compliance issues.

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