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JPMorgan Woes Banks and Fintech Firms to Build on Its Updated Liink Banking Network
The Liink network was revamped with two crucial feature additions including the Confirm and the Format features.
American multinational investment bank and financial services holding company JPMorgan Chase & Co (NYSE: JPM) is enticing banks and fintech companies particularly those within its network to come and build applications on its Liink Banking Network, an updated or revamped version of the Interbank Information Network. As reported by Coindesk, the Liink Banking Network is not an open-source application but is decentralized and has the capability to serve as the backbone to unique applications that can serve specialized functions.
JPMorgan Chase (JPM) Head of the Liink Banking Network Christine Moy described the innovation as the foundation of an enterprise mainnet and will serve as a decentralized ecosystem that will serve big business brands around the world.
“Liink participants have the ability to build applications on the network, and in doing so are able to spotlight their local expertise with global reach,” said Moy. “If a Liink participant has specific expertise around payments in a particular region or currency, for example, it has the opportunity to build an application and deploy it on Liink to make it available to the network,” added she.
Besides the scalability that the Liink network will offer to JPM’s customers or related brands who embrace the network as Moy noted, the provisions will offer an alternative stream of income as there would be a need for network participants to validate the transactions of JPM Coin, the digital currency the network will be powered by.
As Moy noted, the Liink network was revamped with two crucial feature additions including the Confirm and the Format features. In clearer terms, the Confirm feature helps to validate account information before a transaction is initiated and subsequently completed while the Format provision helps to ensure that a payment message or transaction aligns with each country- as well as currency-specific requirements. These two features form the basis for which network participants validate transactions and thus takes a cut of the fees.
“This is a blockchain-based, multi-party network so you have the ability to get a response from multiple different banks on the network, or for that matter tech companies,” said Moy. “Enabling our Liink participants to potentially create new revenue streams, we think, is a differentiator from other offerings where a central party controls the flow.”
Liink by JPMorgan Complements the Firm’s Blockchain Solutions
The advancement of blockchain technology now takes great pride in the creative twist of solutions churned out by empowered tech and blockchain-centric firms of which JPM is one. The New York City-based firm has played a key role in creating functional blockchain-based solutions, the latest of which is the launching of a new blockchain division dubbed Onyx through which the commercial trial of its latest stablecoin known as JPM Coin can be trialed.
As a Wall Street giant, the debut of the JPM Coin, as well as the Liink Banking Network, may drive increased institutional adoption of both blockchain-based solutions and the associated digital currencies.Blockchain News, FinTech News, News
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