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Blockchain gains traction in FinTech as remuneration networks emerge

J.P. Morgan has total what is arguably one of a largest blockchain payments networks to date.

The financial services association announced that a Royal Bank of Canada and Australia and New Zealand Banking Group Ltd. are a initial dual banks to join a blockchain network, “representing poignant cross-border remuneration volumes.”

J.P. Morgan total the Interbank Information Network (IIN), that it pronounced will significantly revoke a series of participants indispensable to respond to correspondence and other data-related inquiries that check payments.

“IIN will raise a customer experience, dwindling a volume of time – from weeks to hours – and costs compared with solution remuneration delays,” pronounced Emma Loftus, Head of Global Payments and FX, J.P. Morgan Treasury Services. “Blockchain capabilities have authorised us to rethink how vicious information can be sourced and exchanged between tellurian banks.”

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