Philippines’ UnionBank Joins JP Morgan-Led Blockchain Network
Cryptovest
Published Sep 28, 2018 06:06AM ET
Updated Sep 28, 2018 07:20AM ET
Philippines’ UnionBank Joins JP Morgan-Led Blockchain Network
The US-based banking giant said in a statement that IIN is capable of reducing the time correspondent banks typically spend on data-related queries and compliance. The network is powered by Ethereum-based blockchain Quorum.
Emma Loftus, who oversees global payments and receivables at JP Morgan Treasury Services, commented:
“We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join. We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the func...
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