National Bank of Canada is the first bank to go live on J.P. Morgan’s Interbank Information Network (SM)
National Bank of Canada is the first bank to integrate J.P. Morgan’s Interbank Information Network (IIN SM) into its operations to exchange information related to payments with other banks.
Developed by J.P. Morgan, IIN is a distributed peer-to-peer platform that minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. National Bank is among over 100 other banks across the globe that have signed up to be part of IIN.
“Using blockchain technology in our day-to-day operations to decrease payment processing time for clients represents an important step for National Bank. We’re excited to be the first bank to be connected to the network and to be part of the first commercial implementation of the technology on such a large scale. National Bank of Canada continues to explore how the technology can be leveraged to add value for partners and clients,” said Jillian Friedman, Head of Blockchain at National Bank.
Earlier this year, National Bank issued a $150 million USD debt instrument on the U.S. market with a parallel simulation of the issuance using blockchain technology. The blockchain test involved the parties mirroring the execution of the actual transaction through a debt issuance application developed by J.P. Morgan that runs on Quorum®, an open-sourced variant of the Ethereum blockchain.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.
About National Bank of Canada
With $258 billion in assets as at July 31, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. It has more than 23,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About J.P. Morgan
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $24 trillion of assets under custody and $434 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.