Launched in 2017, the information network for payments allows member banks to exchange information in real-time. It currently includes 365 banks.
U.S. multinational bank J.P Morgan is eyeing Japan for the next expansion of its peer-to-peer blockchain-powered payments network, which could come as soon as January, executive director Daizaburo Sanai said to «Bloomberg» in a report (behind paywall) on Monday.
Sanai said that up to 80 banks from Japan have expressed an interest in joining the Interbank Information Network (IIN) as it helps them bolster their anti-money laundering capabilities by facilitating faster and more efficient screening of cash recipients.
Fighting Money Laundering
According to the report, Japanese banks have been under pressure to bolster measures against money laundering since the Financial Action Task Force found deficiencies in the country in 2014.
IIN would minimize delays caused by inquiries between banks and allow members to quickly collaborate with authorities on suspected money laundering cases, a treasury officer told the publication.
