The blockchain is developed using Quorum, an Ethereum-based private blockchain developed by JP Morgan in partnership with development studio EthLab. JP Morgan was the first one to deploy the system in October 2017, according to report by CCN at the time, the largest bank in the United States Eleven months later, the Interbank Information Network was formed by a trio of members including the Royal Bank of Canada and Australia and New Zealand Banking Group (ANZ). According to a Financial Times report, the network now has grown to rival R3 as they add ‘more than 75 of the world’s biggest banks.’
JP Morgan banks analyst Jason Goldberg told the publishing:
Furthermore, The FT report states that the network employs peer-to-peer financial messaging rivaling the likes of the most commonly-used global payments rail operated by SWIFT. With the participation of nearly 80 banks, the IIN is expected to process about 14,500 USD-denominated payments a day. The network plans to support non-USD currencies payments in the near future.
