JPMorgan Chase has expanded its blockchain payment platform to more than 75 multinational banks with the intent of fighting off competition from outside the banking sector.
“Payment is one of the segments banks worry most about in terms of ceding to non-bank competition,” J.P. Morgan bank analyst Jason Goldberg told the Financial Times. “Blockchain is a way to keep more of that (payments business) in-house.”
The expanded Interbank Information Network (IIN) has been under development since October 2017 on J.P. Morgan’s Quorum blockchain. According to the FT, Societe Generale and Santander are among the banks that will use the platform, which allows banks to share payment information and speed transactions.