JPMorgan Chase Sets Blockchain Payments Partnerships

Announcements, Blockchain, FinTech, News | October 16, 2017 By:

JPMorgan Chase may not like bitcoin and other cryptocurrencies – just ask CEO Jamie Dimon, who recently called bitcoin “a fraud” – but the underlying blockchain technology is apparently another story.

The banking giant said today that it will launch a new payment processing network that uses blockchain in partnership with Royal Bank of Canada and Australia and New Zealand Banking Group. The Interbank Information Network will allow payments to reach beneficiaries faster with fewer steps and better security, JP Morgan claimed.

“Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks,” said Emma Loftus, head of global payments and foreign exchange at J.P. Morgan Treasury Services. The network will use Quorum, a proprietary blockchain technology. The company said other banks are expected to join the network soon.