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Blockchain gains traction in FinTech as payment networks emerge

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Eddie Waldo
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J.P. Morgan has created what is arguably one of the largest blockchain payments networks to date.

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

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

Payments made and received through KlickEx transfer between bank accounts in the Pacific Islands and Australia, New Zealand and Europe; the service also allows consumers in developing nations to transfer funds directly to mobile wallets.

The Bank of England is also piloting blockchain technology to create a more efficient and less costly payments, clearing and settlement network.

Cross-border payments are complex due to regulatory standards

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Eddie Waldo
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