Alfa-Bank has joined J.P. Morgan’s Interbank Information Network® (IIN®). IIN launched as a pilot in 2017 and as a live product in 2018. IIN allows members to exchange information necessary for the completion of payments, minimizing friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.
“Working with the Interbank Information Network, we expect significant optimization of the KYC / AML procedures within the framework of international remittances that consume significant resources of the bank,” said Dina Merkulova, Head of Trade Finance. “This will allow us to provide our customers with the best international settlement service on the market.”
“At J.P. Morgan, we continue to actively explore how emerging technologies can enhance our clients’ experience and IIN ® is a great example of how we are using blockchain to enable the direct exchange of information between two banks on the payment chain in a secure and permissioned way. We are pleased to have Alfa-Bank connected to IIN ® and as more banks join the network, our clients will benefit from faster payment processes and less operational expense,” said Kiat Seng Lim, global head of Financial Institutions Group Sales for Treasury Services at J.P. Morgan.
Alfa-Bank is one of the leaders in the use of distributed ledger technologies in Russia with the deployment experience on different platforms – Ethereum, Hyperledger Fabric and R3 Corda. In March 2019, Alfa-Bank signed up to the Marco Polo project, the largest and fastest growing international trade finance network. In July 2019, the Global Finance international financial magazine awarded Alfa-Bank the Innovators 2019 award for blockchain projects for big corporate business. Additionally, in early 2018, Alfa-Bank joined the SWIFT gpi service to quickly monitor and inform its clients about effected payments.