Seven Indian banks join JP Morgan's blockchain platform

JP Morgan's blockchain-based transaction network called Interbank Information Network (IIN) received a big boost to global transaction business by adding seven top Indian lending firms, the Economic Times reports. The seven banks include Yes Bank, Union Bank of India, Federal Bank of India and Canara Bank. Madhav Kalyan, CEO, JP Morgan Chase Bank, India said:

"We are encouraged by the huge interest from the seven major banks in India to join our IIN initiative. [...] As we look to address the challenges banks face in cross-border payments pertaining to friction points caused by multiple hops through the payment chain when further information is required.”