Several banking institutions are collaborating with JPMorgan to take on the growing influence of the Ripple market
Since Ripple has consolidated its position as one of today's global payment market leaders, many banks have been forced to step up their game and offer services in line with the latest advances in the blockchain technology world.
In this regard, JPMorgan is seeking to take on cross-border cross-border transaction platforms such as xRapid by collaborating with major banking institutions around the world to create its own DLT-based payment infrastructure, called the Interbank Information Network (IIN).
Here are some of the big name players who have agreed to become part of IIN:
The Spanish banking giant has explored the opportunities in today's blockchain ecosystem for over a year. For example, at the beginning of May, the company's British airline announced plans to work with Ripple to facilitate international real-time payments with minimum remittance commissions.
Australia and New Zealand Banking Group Limited (ANZ), was one of the forerunners in the adoption of the blockchain, with the bank that was also one of the founders of the Interbank Information Network. While ANZ has yet to launch a real blockchain-based market offer, the company has its hands tied to a number of multinationals, all looking to explore this emerging market space.
3. Société Générale
Société Générale, another big name that has explored various ways of blockchain to maximize its financial capacity, has recently announced its plans to digitize its international ledger system in order to transmit information within its European network in a transparent way. This vision could actually bear fruit sooner than expected, mainly because the bank is now part of the Interbank Information Network, which will allow various authorized entities to access a common ledger thus allowing all participants to accelerate resolution processes. , compliance checks, etc. .
4. Royal Bank of Canada
The surname on our list is the central bank of Canada. In the recent past, the Royal Bank of Canada has shown a growing interest in the altcoins and blockchain technology sectors. Now with the availability of the Interbank Information Network, the bank seems ready to counter the success of its competitors in this ever-changing market segment.