US multinational bank JPMorgan Chase (NYSE:JPM) has conducted successful tests of its blockchain-based payment system, dubbed Interbank Information Network (IIN). The project is now able to scale transactions effectively, Financial Times reported on Monday.

II N scaling capabilities are working very well, but JPMorgan expects the system to settle around 300,000 transactions daily when fully launched. In comparison, the international Swift payment system manages 14.5 million cross-border transactions on an average every day. However, the IIN capabilities can grow if more banks join the project, which now has more than seventy participants, JPMorgan told FT.

Commenting on those results, David Treat, head of Accenture’s capital markets blockchain practice said:

“Certainly from a size of ecosystem perspective and starting to do something in production, having […

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