Around 75 banks are partnering with the JP Morgan giant to join its Interbank Information Network (IIN). This Blockchain-powered platform for cross-border payments has been on trials for almost a year now. Among the partners are Societe Generale and Santander. The latter is also the customer of the competing Ripple payment system.
JP Morgan’s reps state that their system is a response to major crypto startups, like Ripple or Stellar, that are now spreading their arms around the global system of banks, offering their products to make overseas payments fast and low-cost using their tokens. JP Morgan’s solution does not use crypto.