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J.P. Morgan Interbank Information Network℠ Expands to More Than 75 Banks

JPM | September 25, 2018

J.P. Morgan Interbank Information Network? Expands to More Than 75 Banks

Largest number of banks to join live application of blockchain technology

J.P. Morgan (NYSE: JPM) today announced the expansion of its Interbank Information Network (IIN^SM), the first live blockchain service offered by the firm. More than 75 banks have signed up to be part of IIN, the largest number of banks to join a live application of blockchain technology.

“We’ve been actively exploring how emerging technologies such as blockchain, AI, and an enhanced digital experience can be deployed in our Treasury Services business to better serve our clients’ ever changing needs,” said Takis Georgakopoulos, Global Head of Treasury Services. “We will lead the market with the rollout of a robust pipeline of innovations over the coming months, beginning with the launch of IIN.”

IIN, launched as a pilot in 2017, minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments. IIN is powered by Quorum^®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan.

“We saw tremendous interest among correspondent banks after the pilot launched in 2017, asking if they could join,” said Emma Loftus, Head of Global Payments and Receivables, J.P. Morgan Treasury Services. “We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries.”

The expanded network of banks will facilitate global cross-border payments in every major market, including Latin America, Asia, Europe, the Middle East and Africa. The full list of IIN banks now includes:

Americas

1. Banca Mifel

2. Banco BICE

3. Banco Bisa

4. Banco Davivienda S.A.

5. Banco de Crédito del Perú

6. Banco de Galicia y Buenos Aires

7. Banco Industrial

8. Banco Mercantil del Norte

9. Banco Mercantil Santa Cruz

10. Banco Nacional de Bolivia

11. Banco Popular Dominicano

12. Banco Regional

13. Banreservas

14. Bank of Montreal

15. Itau Unibanco

16. JPMorgan Chase

17. National Bank of Canada

18. Royal Bank of Canada*

19. The Toronto-Dominion Bank

Europe

20. Allied Irish Bank

21. Banco de Investment Global, S.A.

22. Banco de Sabadell

23. Banco Santander

24. Bankinter

25. Banque Internationale de Commerce - BRED (Suisse) SA

26. Banque Thaler SA

27. CBH Compagnie Bancaire Helvétique SA

28. CIM Banque S.A Geneve

29. Cooperatieve Rabobank U.A.

30. Credit Agricole S.A.

31. Norddeutsche Landesbank Girozentrale

32. PKO Bank Polski S.A.

33. Privatbank IHAG Zurich AG

34. Reyl & Cie SA

35. Société Générale

36. The First International Bank of Israel Ltd

37. UniCredit (through their subsidiary UniCredit Bank Austria)

Asia-Pacific

38. Australia and New Zealand Banking Group Limited*

39. BRAC Bank Limited

40. China CITIC Bank International Limited

41. China Guangfa Bank

42. Chong Hing Bank Limited

43. Ho Chi Minh City Development JS Commercial

44. ICICI Bank Limited

45. Indovina Bank Ltd

46. Joint Stock Commercial Bank for Investment and Development of Vietnam

47. KASIKORNBANK Public Company Limited

48. KEB Hana Bank

49. Mizuho Bank, Ltd.

50. Prime Bank Ltd.

51. PT Bank Central Asia Tbk

52. PT Bank CIMB Niaga Tbk

53. Resona Bank, Ltd.

54. Shinhan Bank

55. Sumitomo Mitsui Banking Corporation

56. Union Bank Of The Philippines

57. Vietnam Joint Stock Commercial Bank for Industry and Trade

58. Woori Bank

Central & Eastern Europe, Middle East and Africa

59. Al Rajhi Banking & Investment Corporation

60. Alawwal Bank

61. Bank ABC (Arab Banking Corporation B.S.C.)

62. Bank Al Habib Limited

63. Barclays Bank Tanzania Limited

64. Barclays Bank Zambia PLC

65. Commercial Bank of Africa Limited

66. Commercial International Bank (Egypt) S.A.E

67. Credit Libanais SAL

68. DenizBank A.S.

69. Habib Metropolitan Bank Limited

70. Joint-Stock Company BCS-Investment Bank

71. JS Bank Limited

72. Kuveyt Turk Katilim Bankasi A.S.

73. MauBank Limited

74. National Bank of Kenya Limited

75. National Bank of Kuwait S.A.K.P.

76. Turkiye Finans Katilim Bankasi A.S.

*denotes 2017 pilot client*

About J.P. Morgan’s Corporate & Investment Bank

J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $24 trillion of assets under custody and $433 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.

About J.P. Morgan Treasury Services

J.P. Morgan’s Treasury Services business processes approximately 26 million transactions per day worth over $3T in 108 currencies and 100 countries. J.P. Morgan is the largest US dollar clearer globally. The business has been aggressively investing in technology to improve the end-to-end client experience.