Finance giant JPMorgan Chase is set to expand its work with blockchain, it has been announced.
JPMorgan set up the Interbank Information Network (IIN) in 2017, alongside ANZ bank and the Royal Bank of Canada.
The initiative is currently used across 220 banks around the world, and it is hoped the development of IIN will make JPMorgan more competitive against new fintechs.
IIN uses blockchain technology to enable data sharing among banks, which helps with compliance issues.
Now, JPMorgan will look to expand IIN’s use cases to include payment settlement features. It is hoped this will make transactions smoother as there will be fewer delays which are usually caused by errors.
Earlier this year, JPMorgan put its weight behind blockchain technology by announcing plans to roll our its own cryptocurrency – having previously stated the digital tokens were too risky.