Dubbed the Interbank Information Network, the blockchain based network allows its member banks to exchange information related to international payments on top of Quorum (JPM's native blockchain).
Japanese banks have been under pressure to strengthen their anti-money laundering measures since the Financial Action Task Force (FATF) found deficiencies in the country in 2014. Last month, the FATF reportedly finished its latest on-site inspection of Japan and plans to announce the results next year. Tokyo-based Sumitomo Mitsui Trust Bank is one of the banks that have signed a letter of intent to join IIN, per the report. Takashi Endo, a treasury operations department officer at Sumitomo said IIN could help minimize delays caused by inquiries between banks and in turn help with “quick collaboration with law enforcement authorities, which is an effective way” to fight money laundering.