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JPMorgan today announced their new Interbank Information Network (IIN), developed in partnership with Royal Bank of Canada and New Zealand Banking Group, and designed to "minimize friction" in global payments by using blockchain technology to streamline common procedures. JPMorgan said it expects more banks to support the network in the coming months, allowing them to increase efficiency by cutting down on transaction delays. The network is powered by JPMorgan's Ethereum-based Quorum blockchain technology.

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