Deutsche Bank has become the newest member of JPMorgan’s blockchain payments initiative. Currently, the Interbank Information Network (IIN) includes 320 banks, according to an article published by the Financial Times.
Launched in October 2017, IIN is built on Quorum, the Ethereum-like blockchain network developed by JPMorgan and uses JPMCoin stable cryptocurrency. At launch, the banking giant said the platform will reduce the time and costs required to make interbank payments.
According to the FT report, most member banks use Quorum to process payments in USD. Deutsche Bank is currently the number one global payment clearing company in euro.
400 members planned by the end of the year
Takis Georgakopoulos, director of treasury services at JPMorgan, said the partnership with Deutsche Bank is an important step towards expanding the IIN. Until now, the banks that used the platform were mostly JPMorgan employees.
IIN brings efficiency by writing all the payment data in a distributed register, thus allowing the quick payment of problematic payments and reducing the manual processes.
Ole Matthiessen, global head of cash management at Deutsche Bank, said the banking institution has recently reduced its investment activity and is focusing on transaction operations.
Joining IIN – the interbank information network is – “an important step” that would reduce the costs of Deutsche Bank and also allow it to provide better services to customers.
Matthiessen added that the IIN plan is to have 400 members by the end of 2019, which will facilitate Deutsche Bank’s connection with other major banks.