According to an October 27, 2020 report by CNBC, JPMorgan Chase & Co. global head of wholesale payments Takis Georgakopoulos said the bank had established a new business line called "Onyx" with a 100-person dedicated staff. Onyx enables the bank to commercialize its blockchain and digital currency developments, including the newly launched JPM Coin.
Onyx incorporates JPMorgan's interbank payment system, the Interbank Information Network (IIN), rebranded "Liink," according to the Onyx website.
Earlier, in April 2019, JPMorgan head of global clearing John Hunter said with the IIN the bank was "looking at the ability to do more at the point of settlement" with blockchain technology. The IIN is a blockchain-based digital payments platform that had been set up in partnership with the Australian ANZ bank and the Royal Bank of Canada in 2017. 220 banks were included in the IIN by 2019. The IIN was useful in particular for correcting mistakes and errors in settlement instructions for interbank transfers.
While reporting in September 2019 that Deutsche Bank, the world’s biggest clearer of euro denominated payments, had joined the IIN, JPMorgan noted that there were then 310 banks signed up to use the service.
- JPMorgan’s ‘JPM Coin’ Is Live, Execs Say. CNBC.
- Liink by J.P. Morgan, Transforming how information moves. JPMorgan Chase & Co..
- JPMorgan Expanding Blockchain Project With 220 Banks to Include Payments. Coindesk.
- Deutsche Bank joins JPMorgan-led blockchain network. Financial Times.