Copy link
Increase text size
Decrease text size
Link copied

Deutsche Bank signs up to JPMorgan's blockchain-based Interbank Information Network

“Deutsche Bank” by Gunnar Klack is licensed under CC BY-SA 2.0 at https://www.flickr.com/photos/gnrklk/38386091592

Mon, 16 Sep 2019, 03:02 am UTC

Deutsche Bank has joined banking rival JPMorgan Chase’s blockchain project Interbank Information Network (IIN), according to a report by the Financial Times.

The IIN, which is a network of 320 banks, enables its members to exchange international payments-related information on a blockchain. Until this point, the majority of the network members were smaller banks and JPMorgan clients.

Having Deutsche join — and hopefully Deutsche will be the first of several other large banks — is going to help us drive towards ubiquity and ubiquity is a prerequisite for the success of the network,” Takis Georgakopoulos, JPMorgan Head of Payments, said.

The IIN project was launched as a pilot in 2017 in cooperation with global partners Royal Bank of Canada and Australia and New Zealand Banking Group. Developed by JPMorgan, the Quorum-powered initiative aims to speed up the processing of global payments. It could cut short the time spent to respond to compliance and other data-related inquiries, which causes a delay in payments.

The report noted that the recent move could prove to be a buoy for Deutsche Bank, which reportedly laid off employees earlier this year to deal with financial woes. Joining IIN could thus enable the bank to provide better services to its customers and reduce the cost of processing difficult payments.

Our competitors are not just the other banks, it’s also new players in the market, we need to become efficient enough to provide seamless real time and digital process,” Ole Matthiessen, who has headed Deutsche’s cash management division, said, adding that the recent move marked a crucial step to increase customer satisfaction.

By far, over 65 banks have gone live on the IIN and at least 255 have written letters of intent. Georgakopoulos said IIN eyes to sign up 400 banks by the end of the year and expects to include other “large banks.”

Last June, JPMorgan revealed its plans to launch its cryptocurrency JPM Coin by the end of this year. The U.S.-dollar tied stablecoin can reportedly enable "instantaneous transfer of payments between institutional accounts."

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,094.40 (+3.07%)
  • Ethereum (ETH) $278.46 (+4.20%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $415.56 (+1.90%)
  • Bitcoin SV (BSV) $306.22 (-1.83%)
  • Bitcoin (BTC) $10,094.40 (+3.07%)
Feb 19, 2020 (Wednesday)
07:22
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
06:41
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
06:30
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
06:00
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
05:03
Crypto finance firm Amber raises $28M in Series A funding
04:32
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
09:42
Russian central bank completes blockchain tokenization pilot in its regulatory sandbox
08:17
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
08:16
Crypto exchange FCoin likely to default after up to $130M bitcoin shortfall
06:46
France-based Lagardère Sports partners with blockchain-based fan engagement platform Chiliz
05:36
Binance launches cloud solution to simplify launching cryptocurrency exchanges
04:52
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
04:51
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft