The platform is called the Interbank Information Network and aims to help the banks cut costs and time frame issue associated with payments between banks, while also working to stave off competition. According to JP Morgan, payments is an area in which banks are most threatened by non-bank competition and blockchain is a way to keep more of that business in-house.
Furthermore, the trial also plans to address payments that contain errors or are delayed to due compliance issues, challenges that can take weeks to resolve when multiple banks across a payment chain are involved. The bank has been exploring emerging technologies such as blockchain and atificial intelligence. The platform is still in trial, with plans to expand as more banks join in and add additional currencies to the current USD.
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