More than 80 banks in Japan declared their intention to join the Interbank Information Network (IIN) JPMorgan based on the Quorum Blockchain-platform.
According to the executive director of JPMorgan Dizaburo Sanai, currently IIN use 365 organizations around the world, 70 of which banks. If you want to join the network, the share of Japanese participants will exceed 20%.
Banks expect the JPMorgan product will increase the efficiency and speed of checking recipients of payments to improve the fight against money laundering risks. Since previously FATF has discovered shortcomings in existing mechanisms, the financial institutions of the country of the rising sun are under pressure and seek to modernize the system.
The leadership of the Tokyo bank of Sumitomo Mitsui Trust, who also expressed the desire to join, says that IIN will help minimize delays associated with interbank requests, thereby speeding up interaction with law enforcement agencies.
IIN network quickly expands. At the time of joining it Deutsche Bank
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