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JPMorgan launches global payment platform that uses blockchain

JPMorgan Chase & Co., in partnership with Toronto-based Royal Bank of Canada and Melbourne-based Australia & New Zealand Banking Group Ltd., launched a payment processing platform that uses blockchain technology.

The initiative is dubbed the Interbank Information Network. It is powered by JPMorgan's Quorum, an Ethereum-based blockchain network, and will allow for faster and more secured payments globally.

More banks are expected to join the initiative in the coming months.