JP Morgan announced its plan to launch a new cryptocurrency, JPM coin, early in 2019 and also to expand its blockchain network, Quorum, in Japan come next year. It also confirmed a new project started to speed up collateral and cash transfers.
In an attempt to achieve these plans, the bank partnered with a fintech Company, Baton Systems. JP Morgan’s launch is a clear indication of technological advancement in handling the financial crisis in the banking world.
The Network has Gained Considerable Support from Japanese Banks
Over 80 banks in Japan are responsive to the platform, which boosts efficiency in receipt screening to curb money laundering. According to a treasury officer in Tokyo, the network will help in the cooperation between banks and regulatory agencies to resolve compliance queries.
JP Morgan is using its capital scale to build an entirely digital bank for better alignment with the client’s interests. It is transforming; this is a good influence for most banks to move from offline legacy and embrace the digital age. It is preparing other banks for a future with global capitalization from cross- border payments to corporate debt issuance over the Blockchain.
How JP Morgan is Expanding Blockchain Projects with Banks
The Blockchain platform will now be used for the improvement of Interbank Information Network (IIN) to improve transaction speed. It will also deal with bank challenges, including data sharing between banks.
IIN uses digital technology to accelerate international money transfers in banks that are interested in thwarting money laundering activities. JP Morgan has now built features to allow verification of transactions sent to valid accounts. The system will enable both domestic and international payments.