More than 75 of the world’s biggest banks are turning to the blockchain to fight the threat of new payments rivals in what will be the regulated banking industry’s largest application of the distributed ledger technology underpinning cryptocurrencies. More than 70 additional banks, including Société Générale and Santander, are joining the Interbank Information Network (IIN) which JPMorgan, Royal Bank of Canada andANZ have been trialling for 11 months to see if blockchain technology can speed up payments that have errors or require additional compliance checks. The idea is that a mutually-accessible ledger across banks would allow them to quickly resolve issues such as compliance checks, faulty addresses or missing data, which can lead to payments being held up for weeks. The banks expect to put about 14,500 US dollar-denominated payments a day through the enlarged network. (Financial Times*)

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Financial Times