JPMorgan has launched a blockchain payment trial, ANZ Australia and Royal Bank of Canada have just received more than 75 new participants.
CoinDesk has reported that the three banks established the project in October 2017, which aims to reduce the time and costs needed for interbank payments using traditional methods.
JPMorgan builds a blockchain network platform on an ethereum-based Quorum called the Interbank Information Network (IIN) which has been developed and planned to become its own company.
While several major banks including Santander and Societe Generale have joined the trial for market competition in increasing counter-payment offers.
This trial is specifically designed to overcome payment disruptions or suspension due to policy reasons involving several banks in the payment chain.
The current project to observe banks making payments of around $ 14,500 per day to the IIN and that number is expected to increase rapidly given that more and more new members are joining.
In the end JP Morgan will add another fiat eye besides USD.