National Bank of Canada is the first bank to integrate J.P. Morgan’s Interbank Information Network (IIN SM) into its operations to exchange information related to payments with other banks.
Developed by J.P. Morgan, IIN is a distributed peer-to-peer platform that minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. National Bank is among over 100 other banks across the globe that have signed up to be part of IIN.
“Using blockchain technology in our day-to-day operations to decrease payment processing time for clients represents an important step for National Bank. We’re excited to be the first bank to be connected to the network and to be part of the first commercial implementation of the technology on such a large scale. National Bank of Canada continues to explore how the technology can be leveraged to add value for partners and clients,” said Jillian Friedman, Head of Blockchain at National Bank.
Earlier this year, National Bank issued a $150 million USD debt instrument on the U.S. market with a parallel simulation of the issuance using blockchain technology. The blockchain test involved the parties mirroring the execution of the actual transaction through a debt issuance application developed by J.P. Morgan that runs on Quorum®, an open-sourced variant of the Ethereum blockchain.