JP Morgan Chase & Co. has outlined a peer-to-peer payments network in a patent application filed with the U.S. Patent and Trademark Office (USPTO) yesterday, May 3. The network would use distributed ledger technology (DLT), such as blockchain, for intra- and inter-bank settlements.
The patent proposes different embodiments of such a system, which would all include a payment originator bank, a payment beneficiary bank, a peer-to-peer payment network in which both banks would participate, and a distributed ledger.
The use of a blockchain would be able to confirm that a network payment has been successful “in one consolidated posting across multiple financial institution entities and branches, instead of in many separate instances.”
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