Deutsche Bank has been added to the blockchain-based payment project by JPMorgan as its recent member. The latest addition to JP Morgan’s Crypto Payment Network is Deutsche Bank.
The total number of banks registered for the Interbank Information Network (IIN) has now risen to 320 according to an FT report. Quorum, the banking giant’s ethereum-based blockchain network, is what IIN is built on, and uses a JPM Coin stablecoin.
JPMorgan said the platform would decrease the delays in interbank payments by reducing time and expenses.
In June, IIN saw the start of remittance trials with JPMorgan’s client banks.
According to the FT study, JPMorgan is used by the majority of member banks to process USD payments. Deutsche Bank, however, is ranked number one in clearing euro-denominated payments globally.
Takis Georgakopoulos, JPMorgan’s managing director of treasury services said since IIN would have “very big natural limitations” if IIN employees were drawn only from the bank’s customer pool, the addition of Deutsche Bank “is going to help us drive towards ubiquity.”
Ole Matthiessen, Head of Deutsche Bank said that IIN brings efficiencies by writing all the payment data into a shared ledger, enabling payment issues to be solved faster, and with less manual processes.
According to him, joining IIN is “an important step” in reducing the expenses of Deutsche Bank, which will enable it to deliver better services to customers.
He also added that the plan of IIN to have 400 members is on track by the end of 2019 and that other major banking members are likely to be announced shortly.