Various Banking Institutions Look to Rule the Blockchain Payment Roost

Fibo Quantum

Various Banking Institutions are Teaming Up With JPMorgan to take on Ripple’s Growing Market Clout

Ever since Ripple cemented its position as being one of the leaders within today’s global payments market, a lot of banks have been forced to step up their game and deliver services that are in-line with the latest advancements taking place within the world of blockchain technology.

In this regard, JPMorgan is now looking to take on Ripple’s various cross-border transaction platforms such as xRapid by teaming up with prominent banking institutions from all over the globe to create its very own DLT-based payments infrastructure— called the Interbank Information Network (IIN).

Here are some of the big name players that have agreed to become a part of the IIN:

1. Santander

The Spanish banking giant has been exploring opportunities within today’s blockchain ecosystem for more than a year now. For example, earlier in May, the company’s UK-wing announced its plans to team up with Ripple to facilitate live international payments with minimum remittance charges.

2. ANZ

The Australia and New Zealand Banking Group Limited (ANZ), has been one of the forerunners when it comes to blockchain adoption— with the bank even serving as one of the founders of the Interbank Information Network. While, ANZ is yet to launch a full fledged blockchain-based market offering, the company has its hands linked with a host of multinationals, all looking to explore this emerging market space.

3. Societe Generale

Another big-name player that has been exploring various blockchain avenues to maximize its financial capacity, Societe Generale, recently announced its plans to digitize its international trade ledger system so as to transmit information within its European network in a seamless manner. This vision may actually bear fruit sooner than expected, especially since the bank is now part of the Interbank Information Network, which will allow various authorized entities to access a common ledger thus allowing all of the participants to speed up their resolution processes, compliance checks etc.

4. Royal Bank of Canada

The last name on our list is Canada’s central bank. In the recent past, the Royal Bank of Canada has shown a growing amount of interest in altcoins as well as blockchain technology. Now with the availability of the Interbank information Network, the bank seems primed to thwart the success of its rivals within this ever-evolving market segment.