The number of banks that have joined the Interbank Information Network (IIN), a bank chain-based payment service developed by JP Morgan Chase, a US large bank, has been growing steadily.
INN is expected to be linked to its JPM coin, which JPMorgan Chase announced recently, and will become a competitor with Ripple or Swift in the cross-border remittance field. According to JP Morgan, more than 22 banks are participating in INN. As of March, there were more than 185 participating banks.
Currently, INN focuses on sharing billing information on the network and catching errors quickly. Starting a new service is scheduled for the third quarter of this year. JPMorgan Chase expects that it will be able to increase its market share in the cross-border payment market where digital payment companies such as Ripple, Revolt and TransferWise can easily access the global payment service.
INN is expected to be linked with the JPM coin, which is JPMorgan Chase ‘s recently announced encryption. The JPM coin is based on the Etherium private network, Quorum. At the time of the announcement of JPM coin, there was a reaction that rifle’s strong competitor emerged. For more information, please click here .