JP Morgan Chase & Co is going to launch a peer-to-peer payment network. The patent application is filed, and it is just the matter of time, when the new technology is patented and starts working. The network is going to distribute the ledger technology for all kinds of bank settlements.
In the patent application, the specialists describe the disadvantages of the traditional banking payment system, such as intermediaries, high costs, real time payments settlement impossibility.
JP Morgan offers application of the blockchain payment system that allows eliminate all those drawbacks and improve the process.
The main advantages of the new systems are the possibility to make transfers in real time mode and to eliminate costs and risks and time due to the elimination of the intermediary.
The system offers different variations of the process execution, that should satisfy the needs of all banks and their clients and to make it as painless for all as possible. It shall be mentioned, by the way, that in April, one of the biggest banks that operate internationally, Santander, started using a blockchain technology for transfers, and this is a great step forward.