JPMorgan’s Interbank Information Network (IIN) has already signed up more than 220 banks and now they plan to expand the usage beyond data sharing for payments; the global bank is looking to expand their function in the payments space and open up the network so fintech companies can test; they plan to have the system up and running in Q3 2019, they believe they can alleviate payments issues that effect between 5 and 20 percent of payments due to several compliance issues; the testing environment will also be live in Q3 to help fintech firms develop products for secure messaging, document transfers and data modeling. Source.
