The investment banking giant JPMorgan has announced that its planning to expand their existing blockchain project to include settlement features. The Financial Times reported on Sunday that John Hunter, the head of global clearing at JPMorgan, said the IIN is fast developing and that the bank is “looking at the ability to do more at the point of settlement.”
Hunter stated that JPMorgan has now built in a feature that would allow for real-time verification that a transaction is being sent to a valid account. Currently he stated that an error in the recipient’s account number or any other detail, can result in the payment being rejected days after it was sent resulting in the payments bouncing.
According to Hunter, the banks’ payment processing is still “in the mid-80s to the mid-90s.” The “5 to 20 per cent of payments” that fail because of an error or compliance problems is “where we’re trying to alleviate some of that pain,” he said. The Financial Times said that the settlement system will be live in by Q3 2019, and will allow both domestic and international payments. The Financial Times have also reported that JPMorgan is setting up a testing sandbox is said to be launching in Q3.