Deutsche Bank joins JPMorgan’s blockchain-based Interbank Information Network
Deutsche Bank joins JPMorgan’s blockchain rival JPMorgan’s Interbank Information Network, a blockchain-based network comprised of over 60 banks, according to a Financial Times report.
The IIN allows member banks to exchange information related to international payments on a blockchain. Up until this point, most of the members of the network have been smaller banks and clients of JPMorgan.
“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,” said JPMorgan head of payments Takis Georgakopoulos.
Joining the INN could prove to be a buoy for Deutsche Bank, which laid off thousands of employees earlier this year to address financial headwinds. As per the FT, it could allow Deutsche Bank to “offer better services to their clients, and would lower the cost of processing difficult payments.”
As for what’s to come next, Georgakopoulos said the firm was on target to sign up 400 banks by the end of the year, which he expects to include other “large banks,” according to the FT.
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany. The bank is operational in 58 countries with a large presence in Europe, the Americas and Asia. As of April 2018, Deutsche Bank is the 17th largest bank in the world by total assets. Wikipedia