JPMorgan, in collaboration with Royal Bank of Canada (RBC) and Australia and New Zealand Banking Group (ANZ), has launched Interbank Information Network (IIN), a blockchain-based payments network designed to minimize friction in the global payments process.

The US banking group said that the new network will allow payments to reach beneficiaries faster and in a more secured way.

Use of blockchain will allow the network to ‘significantly reduce’ the number of participants required to respond to inquiries, JPMorgan said.

IIN will be powered by Quorum, a permissioned-variant of the Ethereum blockchain developed by JPMorgan.

More banks are anticipated to join the payments network in the coming months.

JP Morgan Treasury Services Global Payments and FX head Emma Loftus said: “IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays.

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“Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks.”