To gain access to this technology, it has partnered with JP Morgan, since this US bank has developed and maintains a blockchain payment network that many banks around the world have had access to until now.
This blockchain payment network is called “The Banking Information Network” (IIN for its acronym in English) and aims to solve the difficulties and inefficiencies of the Swift payment system (traditional international payment processing system). According to Emma Loftus, JP Morgan's Head of Global Payments is about “a secure blockchain network where we exchange data associated with compliance inquiries through the blockchain network sequentially in a secure manner"
As more banks join this network, payments will be made more quickly and at a lower cost.
What banks are part of this network? The Australian and New Zealand Banking Group, BRAC Bank, China Citic Bank International, China Guangfa Bank, Banco Comercial de Africa, Banco Santander, Banco BICE, Banco de Credito del Peru, Banco de Galicia and Buenos Aires, Banco Mercantil Santa Cruz, National Bank of Bolivia, National Bank of Canada, among others, noted Ledger Insights.
In the case of the union of the State Bank of India, its main objective is to accelerate transactions abroad at a lower cost, reported The Economic Times. Similarly, while before your customers had to wait around 15 days to resolve queries related to cross-border payments, now they will be able to resolve their doubts in a few hours.
The Director General of the Banking Group of the State Bank of China told The Economic Times: “We are excited to be the first bank in India to go online and look forward to a closer partnership with JP Morgan in implementing and exploring applications as part of the network to better serve our customers. ".