Eurobank is the first Greek bank to sign up to be part of the J.P. Morgan initiative “Interbank Information Network (IIN®)”, which is utilized by banks globally to securely exchange information associated with cross-border payments to address today’s key pain points, costs, and risks.
Participating already in a number of global technology ecosystems, such as the Trade Club Alliance and We.Trade – the innovative global blockchain ecosystem for international trade transactions – Eurobank signed an agreement with J.P. Morgan to enter IIN®.
“At J.P. Morgan, we continue to actively explore how emerging technologies can enhance our clients’ experience and IIN® is a great example of how we are using blockchain to enable the direct exchange of information between two banks on the payment chain in a secure and permissioned way. We are pleased to have Eurobank connected to IIN® and as more banks join the network, our clients will benefit from faster payment processes and less operational expense” said Mr. Jon Lloyd, Head of Financial Institutions Group Sales Europe for Treasury Services at J.P. Morgan.
Eurobank’s Deputy Chief Executive Officer, Mr. Konstantinos Vassiliou, mentioned: “We are very pleased to join J.P. Morgan's global digital network, IIN®. This move is another important step in our strategy to connect and support all the innovative digital ecosystems that create added value for our customers enhancing the Bank’s credibility. For us, Eurobank’s participation in IIN® is something more than just joining an information exchange platform. It is, in substance, a participation in a global digital banking platform with the aim to co-create and utilize innovative digital solutions for our customers and our institutions".
Originally launched as a pilot in 2017, IIN® focuses on the exchange of information related to payments, minimizing friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.
From left to right
Simone Santilli, Head of FIG Sales Italy, CEE, Greece & Cyprus, Wholesale Payments / J.P. Morgan
Konstantinos Vassiliou, Deputy CEO / Eurobank
John Hunter, Global Head of Clearing / J.P. Morgan
Michalis Tsarbopoulos, Deputy General Manager / Eurobank
Takis Georgakopoulos, Head of Wholesale Payments / J.P. Morgan
Tiki Daskalaki - Head of Global Financial Institutions / Eurobank