First Singapore Bank Joins JPMorgan's Blockchain Payments Initiative
JPMorgan's blockchain payments network has just onboarded its first Singapore-based bank, OCBC.
![OCBC bank](https://www.coindesk.com/resizer/umoHc1XE6if_T-PMWoKfkgh2E1w=/567x320/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PBZEJGGHZ5CZJPU4M7SR4S24V4.jpg)
JPMorgan's blockchain payments platform has just onboarded its first Singapore-based bank.
With the addition of OCBC – the second-largest bank in Southeast Asia by assets – JPMorgan's Interbank Information Network (IIN) now has around 345 banking members across the globe. Roughly 40 percent of those are from the Asia-Pacific region.
Built on Quorum, a permissioned blockchain based on ethereum and developed in-house by JPMorgan, IIN is designed to enable member banks to "exchange information in real-time as a way to verify that a payment has been approved," according to recent announcement from JPMorgan.
In a report on the news Friday, The Business Times cites John Hunter, global head of clearing for JPMorgan Chase, as saying:
The addition of OCBC comes just days after Deutsche Bank – the world's biggest clearer of euro payments – joined IIN. IIN is aiming to have 400 members by the end of 2019.
OCBC image via Shutterstock