Interbank Information Network (IIN)

2019: Announcement

In the middle of December, 2019 it became known that more than 80 Japanese banks were connected to a blockchain network of JP Morgan for anti-money laundering.

The interbank information network (Interbank Information Network, IIN) JP Morgan allows participants to optimize transactions between different financial institutions. The information network uses the Quorum blockchain platform, the corporate version of Ethereum developed by JP Morgan. Among other things Quorum offers the functions very similar to functions of "air", including smart contracts and the decentralized applications. Quorum also has own unique features which, for example, allow to mask quantity of the sent means, or to code certain information.

80 Japanese banks were connected to a blockchain network of JP Morgan for anti-money laundering

The interbank information network was started as a pilot project in 2017, and the first application was designed to optimize cross-border transactions which were often delayed because of a complex system of check of senders and receivers of payments. The representative of JP Morgan noted that the interest of the Japanese banks, as well as other participants of network, is caused by an opportunity quicker and more effectively to check receivers of payments through a blockchain platform what allows not only to fight against an otmyvayeniye of money, but also considerably accelerates transactions.

In the past Japan was criticized for weak measures against money muling more than once, and now the state banking system found a method to return former reputation. Thanks to accession of 80 banks Japan can become the state with the largest representation in IIN network. The international network will become available to the Japanese banks since January, 2020. For December, 2019 the network totals more than 365 participants, about 60 banks already actively work in its framework.^[1]

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