JPMorgan pulls in Filipino UBP support

September 28, 2018
Chris Wheal

More support emerges for JPMorgan’s Interbank Information Network (IIN). The Union Bank of the Philippines (UBP) has now joined JPM’s network which pulls in 75 lenders in an effort to accelerate payment systems.

Cryptoinvest reported earlier that UBP remains the only Philippines-based bank to join the JPM network though UBP itself is pushing forward with the technology on the internal communications front. 

The Philippine government wants the UK to know its country is open for business

Island-to-island communication

“The bank has also launched Project i2i (Project island-to-island), an Ethereum-based blockchain initiative that involved five rural banks in a pilot on real-time retail payments,” Cryptoinvest reported. 

Emma Loftus at JPM Treasury Services says there has been huge interest in the pilot since its 2017 launch. 

JPMorgan’s network is powered by Ethereum-based Quorum

“We believe IIN will significantly improve the efficiency of cross-border payments, particularly as more banks participate and we evolve the functionality and use cases beyond compliance-related inquiries.”

UK-Filipino links

During a recent London visit a Philippine Economic Briefing (PEB) in London made it clear the Philippino government was encouraging blockchain opportunities at home and abroad. 

The PEB was an attempt to showcase to British investors the commercial energy, infrastructure, and tourism blockchain opportunities between the South East Asian country and the UK.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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