Having launched as a pilot in 2017, J.P. Morgan’s Interbank Information Network (IIN ®) is the firm’s first scalable, peer-to-peer network powered by blockchain technology. From minimizing friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps, IIN serves to address the longstanding challenges of interbank information–sharing.
Powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.
"Historically, correspondent banks communicate one-way, bank-to-bank, but we have transformed their interaction," said Suresh Shetty, Blockchain Technology Lead for IIN. "When a payment detail is flagged for confirmation, different parties can interact simultaneously, requesting and sharing information."
With an extensive network of banks 1 , IIN continues to grow and evolve into a robust ecosystem. As part of a larger initiative to drive an enhanced digital experience for clients, IIN has drawn significant interest among correspondent banks after the pilot launched in 2017. The expansion of IIN demonstrates the firm's leadership in developing blockchain technology at scale and commitment to creating solutions tailored to clients’ needs.
The expanded network of banks will facilitate global cross-border payments in every major market, including Latin America, Asia, Europe, the Middle East and Africa.
The full list of IIN banks includes:
This list was last updated May 22, 2020.
1 Represents the number of entities that have signed a letter of intent to join
2 Denotes 2017 pilot clients
3 Thirty-three banks are not listed due to marketing restrictions
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