US: JPMorgan Plots Blockchain Payments to Fight Transferwise, Ripple Threat


Wall Street firm JPMorgan has a plan to save the banking industry’s lucrative cross-border payments business from alternatives such as Bitcoin and fintechs such as Ripple and TransferWise – expand the use cases for its permissioned blockchain network, the Interbank Information Network (IIN) to include settling payments. According to the Financial Times, plans are underway to add a payments settlement feature to the IIN. The feature will allow payments being made to be verified in real time as they are being routed to a valid account.

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