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J.P. Morgan Interbank Information Network? Expands to More Than 75 BanksJ.P. Morgan (NYSE: JPM) today announced the expansion of its Interbank Information Network (IINSM), the first live blockchain service offered by the firm. More than 75 banks have signed up to be part of IIN, the largest number of banks to join a live application of blockchain technology. "We've been actively exploring how emerging technologies such as blockchain, AI, and an enhanced digital experience can be deployed in our Treasury Services business to better serve our clients' ever changing needs," said Takis Georgakopoulos, Global Head of Treasury Services. "We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of IIN." IIN, launched as a pilot in 2017, minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments. IIN is powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan. "We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join," said Emma Loftus, Head of Global Payments and Receivables, J.P. Morgan Treasury Services. "We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries." 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 now includes: Americas 1. Banca Mifel 2. Banco BICE 3. Banco Bisa 4. Banco Davivienda S.A. 5. Banco de Crédito del Perú 6. Banco de Galicia y Buenos Aires 7. Banco Industrial 8. Banco Mercantil del Norte /p>
10. Banco Nacional de Bolivia 11. Banco Popular Dominicano 12. Banco Regional 13. Banreservas 14. Bank of Montreal 15. Itau Unibanco 16. JPMorgan Chase 17. National Bank of Canada 18. Royal Bank of Canada* 19. The Toronto-Dominion Bank Europe 20. Allied Irish Bank 21. Banco de Investment Global, S.A. 22. Banco de Sabadell 23. Banco Santander 24. Bankinter 25. Banque Internationale de Commerce - BRED (Suisse) SA 26. Banque Thaler SA 27. CBH Compagnie Bancaire Helvétique SA 28. CIM Banque S.A Geneve 29. Cooperatieve Rabobank U.A. 30. Credit Agricole S.A. 31. Norddeutsche Landesbank Girozentrale 32. PKO Bank Polski S.A. 33. Privatbank IHAG Zurich AG 34. Reyl & Cie SA 35. Société Générale 36. The First International Bank of Israel Ltd 37. UniCredit (through their subsidiary UniCredit Bank Austria) Asia-Pacific 38. Australia and New Zealand Banking Group Limited* 39. BRAC Bank Limited 40. China CITIC Bank International Limited 41. China Guangfa Bank 42. Chong Hing Bank Limited 43. Ho Chi Minh City Development JS Commercial 44. ICICI Bank Limited 45. Indovina Bank Ltd 46. Joint Stock Commercial Bank for Investment and Development of Vietnam 47. KASIKORNBANK Public Company Limited 48. KEB Hana Bank 49. Mizuho Bank, Ltd. 50. Prime Bank Ltd. 51. PT Bank Central Asia Tbk 52. PT Bank CIMB Niaga Tbk 53. Resona Bank, Ltd. 54. Shinhan Bank 55. Sumitomo Mitsui Banking Corporation 56. Union Bank Of The Philippines 57. Vietnam Joint Stock Commercial Bank for Industry and Trade 58. Woori Bank Central & Eastern Europe, Middle East and Africa 59. Al Rajhi Banking & Investment Corporation 60. Alawwal Bank 61. Bank ABC (Arab Banking Corporation B.S.C.) 62. Bank Al Habib Limited 63. Barclays Bank Tanzania Limited 64. Barclays Bank Zambia PLC 65. Commercial Bank of Africa Limited 66. Commercial International Bank (Egypt) S.A.E 67. Credit Libanais SAL 68. DenizBank A.S. 69. Habib Metropolitan Bank Limited 70. Joint-Stock Company BCS-Investment Bank 71. JS Bank Limited 72. Kuveyt Turk Katilim Bankasi A.S. 73. MauBank Limited 74. National Bank of Kenya Limited 75. National Bank of Kuwait S.A.K.P. 76. Turkiye Finans Katilim Bankasi A.S. *denotes 2017 pilot client* About J.P. Morgan's Corporate & Investment Bank J.P. Morgan's Corporate & Investment Bank is a global leader across banking, markets and investor services. The world's most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $24 trillion of assets under custody and $433 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com. About J.P. Morgan Treasury Services J.P. Morgan's Treasury Services business processes approximately 26 million transactions per day worth over $3T in 108 currencies and 100 countries. J.P. Morgan is the largest US dollar clearer globally. The business has been aggressively investing in technology to improve the end-to-end client experience.
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