J.P. Morgan has created what is arguably one of the largest blockchain payments networks to date.

The financial services company announced that the Royal Bank of Canada and Australia and New Zealand Banking Group Ltd. are the first two banks to join the blockchain network, "representing significant cross-border payment volumes."

J.P. Morgan created the Interbank Information Network (IIN), which it said will significantly reduce the number of participants needed to respond to compliance and other data-related inquiries that delay payments.

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