UnionBank of the Philippines (UBP) has joined the Interbank Information Network (IIN) of JP Morgan, which includes 75 banks around the world and aims to provide a live blockchain service to accelerate payment.
The US banking giant he said in a statement that IIN is able to reduce the time that correspondent banks typically spend on queries and data compliance. The network is powered by the Quorum of the Ethchaum based blockchain.
Emma Loftus, who oversees global payments and receivables at JP Morgan Treasury Services, commented:
"We have seen tremendous interest among the correspondent banks after the launch of the pilot project in 2017, asking if they could join in. We believe that IIN will significantly improve the efficiency of cross-border payments, in particular following the participation of a larger number. of banks and the evolution of functionality and use cases beyond compliance requests ".
Takis Georgakopoulos, head of JP Morgan's treasury services, said the bank has "actively explored" ways to incorporate emerging technologies such as artificial intelligence (AI) and blockchain so that "a digital experience" advanced can be implemented in our treasury services to better serve our customers "evolving needs".
UBP is so far the only bank based in the Philippines to participate in the initiative. It is at the forefront of blockchain adoption in the country, aggressively implementing disruptive technology in its internal communications and even launching the first general circulars (GC) on a blockchain platform for faster and more economical distribution of information to employees.
The bank also launched Project i2i (Project island-to-island), a blocker based on Ethereum initiative which involved five rural banks in a pilot project on retail payments in real time. The project started with the participation of Cantilan Bank, PR Savings Bank, City Savings Bank, Fair Bank and Progressive Bank in the framework of a plan to bring millions of undocumented Filipinos into the financial network by linking rural banks to the central financial system of the country.