JPMorgan is focused on relieving pain points in the world of wholesale payments, specifically areas where the industry could save hundreds of millions of dollars with a better solution, said Georgakopoulos.
If banks could confirm that payments have the proper account information and regulatory format before they are sent, they could prevent expensive rejections. "We're talking about hundreds of millions of checks being sent," Georgakopoulos said. "Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it's possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days."Source: JP Morgan.
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