J.P. Morgan’s Interbank Information Network (IIN), a distributed ledger technology (DLT) based payments solution, is reportedly “producing results at scale.” According to the Financial Times, the IIN project is progressing steadily towards enterprise-level performance – which means that the estimated $1.7 billion that has been spent on blockchain-related projects is beginning to pay off.
At present, IIN is still in its initial stages of development and it remains to be seen whether it will be able to compete with other cross-border payment solutions such as those being developed by fintechs such as Ripple Labs and Corda. Ripple Labs CEO Brad Garlinghouse recently told Bloomberg that they plan to overtake the SWIFT network.
J.P. Morgan’s development team has estimated that IIN will be able to process over 300,000 transactions per day – which may not be enough when compared to approximately 14.5 million payments settled by SWIFT each day.
Currently, there are over 100 entities that are participating in the IIN project, however, there are reportedly not any fintech firms that have seriously considered joining JPMorgan’s DLT-based initiative.