According to Financial Times report, more than 75 of the world’s biggest banks are implementing blockchain technology to raise their competitiveness and to fight the threat of new payments rivals bases on distributed ledger technology and cryptocurrencies.
The Interbank Information Network (IIN) which was tested by leading banks such as JPMorgan, Royal Bank of Canada and ANZ over the past year was joined by another 70 banks including Société Générale and Spanish Santander. The main function of the network is to speed up payments that have errors or require compliance checks and save banks on money and time required for these procedures.
As was also stated in the FT article, banks are willing to put about 14,500 dollar-denominated payments a day through the enlarged network and exponentially raise that number with the inclusion of new banks in the system.
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