SocGen and Santander Among the 75 Banks to Join JPMorgan Blockchain System
Posted: Mon Sep 24, 2018 1:53 pm
75 banks have joined the blockchain payment network patented by JPMorgan, according to the Financial Times. The network is expected by its members to eventually be able to process 14,500 US dollar-denominated payments a day.
Interbank Information Network
JPMorgan filed the patent for the Interbank Information Network in October 2017 and published it in May 2018.
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The patent describes a generic distributed ledger-based payment system and lists the ways in which it can create faster transactions. The main advantage, according to the bank, is being able to cut out middlemen; with the ... (read more)