Banks continue to join the JPM project, as there are already more than 220 organizations in it. IIN banks are delighted with the possibilities of the blockchain technology, claiming that this is the best, safest and fastest way to solve problems related to cross-border payments. The team working on the IIN announced that they had created a new platform function that can immediately check whether the payment is going to a valid bank account. Currently, transactions can be rejected several days after they are sent. The reason may be a simple typo in sorting codes, account numbers or addresses of recipients and senders.
The IIN platform allows banks to quickly resolve compliance problems in global payments. Complications of transaction errors can delay payments for several weeks and, consequently, lead to huge losses. Banks and financial institutions see significant potential in the JPMorgan project. In 2018 alone, more than 75 of the world's largest banks joined the internal communications information network. Part of the project is also the fight against threats from untrusted startups.
According to an analysis of the JPM strategy conducted in 2018, the bank was to allocate nearly 11 billion US dollars for technological costs, of which 5 billion was allocated for investments in fintech, as well as for the development and implementation of blockchain technologies in various operating sectors.
Despite the extremely negative opinion about Bitcoins by the general director of JPMorgan Chase, the bank is working on its own cryptocurrency, stablecoin. JPM Coin can be bought for US dollars. The bank confirmed that due to this treatment, the value of the coin will remain largely stable. Each JPM coin will be equivalent to one dollar.