Category Archives: Banks

Corporate Communications through Blockchain: Banks Smell Opportunity

JPMorgan Chase Bank is planning the new Interbank Informations Network (INN) cross-bank payment platform, while PNB Paribas Security Services and Tata Consultanty Services are developing Corporate Event Connect (CEC) to optimize corporate communications.

Optimized Bitcoin profit at JPMorgan

The Reuters bank wants to launch JPMorgan Chase in New York in cooperation with the Australian ANZ and the Royal Bank of Canada INN. The network will be based on Bitcoin profit technology, the etherum-based blockchain that was launched last autumn.

Although JPMorgan’s CEO Jamie Dimon was still extremely negative about Bitcoin, the bank now wants to invest in the technology underlying the crypto currency.

Colleague Emma Loftus, Head of Global Payments at JPMorgan, said in a statement that INN would enhance the customer experience by reducing the time it takes for transactions to be delayed. The blockchain technology could also enable critical information to be exchanged and procured between banks.

Facilitated exchange of Bitcoin profit information

The handling of global payments is a complex matter. The verification and processing of Bitcoin profit transactions often requires a high level of communication and coordination. By using blockchain technology, the INN is able to reduce large amounts of information.

The Royal Bank of Canada and New Zealand Banking Group Limited, which join the INN, have a particularly high number of international bank transfers. Further correspondent banks are expected to join in the coming months.

The trading volume of J.P. Morgan Treasury Services is currently estimated at $5 trillion a day in more than 100 countries. The company has aggressively invested in technology to enhance its customers’ end-to-end experience.

Corporate Event Connect: Announcing corporate events through blockchain technology
Elsewhere too, efforts are currently being made to improve corporate communications. IBN Paribas Securities Services has teamed up with the Indian IT company Tata Consultancy Services (TCS) for a new platform called Corporate Event Connect (CEC). The aim is to enable customers to announce corporate events quickly and securely.

The aim is to reduce inefficiencies and errors in the flow of information between customers through different channels. Asset servicing also processes a large amount of information, which is passed on to investors through various intermediaries.

TCS BaNCS for Corporate Actions collects data from 90 markets, including 27 local official sources within BNP Paribas. They will later be translated into seven languages using deep learning technologies.

The correct management and dissemination of such data through sources of error has long been a weak point for the industry, says Gerald Noltsch, Head of BNP Paribas Securities Services Germany. The technology proved to be extremely useful for the project.

With TCS’s Quartz Blockchain technology, BNP Paribas can capture, archive, verify, and quickly forward this data to customers. The decentralization, immutability and transparency guaranteed in the blockchain protects the information from external manipulation and node failures.

JPMorgan, BNP & Co. are just a few of many other companies and countries that have discovered the benefits of blockchain technology to improve communication.