The head of the clearing division of JPMorgan & Chase financial holding, John Hunter, said that the functionality of the Interbank Information Network (IIN) system for cross-border payments based on the Quorum blockchain will be significantly expanded, the Financial Times reports.

Thus, the launch of a pilot project in partnership with the Australian ANZ and Royal Bank of Canada took place in the autumn of 2017. At that time, the developers focused on the IIN applications in the area of legal compliance in cross-border transfers, but now they intend to use the potential of the technology directly in the calculation procedure.

In particular, participating banks will be able to track the payment path in real time. It is expected that the new functionality will be available in the third quarter of this year.

It is worth adding that IIN is already used by more than 220 banks, and 75 institutions, including Societe Generale and Santander, took part in the testing.

Earlier, JPMorgan presented JPM Coin's own stablebcoin for use in international corporate payments, transfer of securities and for replacing dollars that are in the bank’s vault.

It should be noted that many analysts believe that the financial holding intends to compete with the California fintech startup Ripple, which is the developer of several products for cross-border payments.

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