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JPMorgan builds on blockchain-based payment network

JPMorgan builds on blockchain-based payment network

JPMorgan has rebranded its blockchain-based Interbank Information Network (IIN) as Liink and introduced new applications in response to feedback from the platform's 400+ participants.

Liink has been positioned as a way to both address delays in cross-border payments and see off the threat from new non-bank competitors in the space such as TransferWise which currently processes in excess of £3bn in payments per month.

The idea involves a mutually-accessible ledger that allows permissioned banks to exchange information about compliance checks and other exceptions preventing completed payments.

Originally launched as a pilot in 2017, JPMorgan began running the first live transactions over the network in September last year.

The new apps delivered to participants provide the ability to validate account information prior to initiating a payment and to check that the formatting matches the country and currency-specific information required to make the payment.

“We have been listening to our clients and are delivering solutions with speed,” says Christine Moy, the newly appointed global head of Liink. “We’re excited about this next phase of growth and we intend to bring additional next-generation products and services to Liink participants in the coming months.”

As part of the rebrand, Liink has been folded into Onyx, a new business unit dedicated to building next-generation payment capabilities.

Umar Farooq, CEO of Onyx, says: “Liink as a new brand comes at a pivotal time, as we look to re-architect how money, information and assets move across the globe.”

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