Deutsche Bank has joined JP Morgan Chase-led Interbank Information Network blockchain project to provide better service to its customers.
September 16, 2019, | AtoZ Markets – Germany’s largest bank – Deutsche Bank has opted for a blockchain-based network by joining JP Morgan‘s Interbank Information Network (IIN). It is the biggest blockchain project in the financial service industry.
The blockchain was launched in 2017 since then the project is seeing rapid growth in its market. It now has a network of 320 banks that can exchange the global digital payment data among each other by using Ethereum network service, which is used most commonly in the blockchain network market for decentralized apps, also known as DApps.
Deutsche Bank to lower processing cost after joining IIN
During the initial phase of the project, only small banks and clients of JPMorgan’s were using their IIN network. Now, Deutsche Bank has become one of the largest banks to join their service that will now allow this German Bank to lower its costs for processing larger payments and make the global payment. By joining JP Morgan’s Interbank Information Network (IIN), Deutsche Bank can now offer better services to its customer and get an edge over the market.
On the other hand, several reports also prove that Deutsche Bank is the world’s biggest clearer of Euro-denominated payments, which means after Deutsche Bank, there are many other larger financial institutions that might join the IIN. This might be a positive sign for JP Morgan, as more partner joins IIN globally, the secure and fast payments can be done among the partnered banks.
JP Morgan‘s Interbank Information Network (IIN) uses the Quorum platform, their in-house developed platform to provide the most important of transfer payments, which is to share the transfer details and speed-up the operations.
JP Morgan IIN plans to add 400 banks
According to reports, Deutsch Bank is not going to be the only large bank joining IIN, as the company is soon going to announce other large banks who had joined them. JP Morgan’s IIN is hoping to add a total of 400 banks to its service that will help both the banks and IIN to get an edge over the market of blockchain-based products and services.
Moreover, JPMorgan is planning to launch its own cryptocurrency – JPM Coin by the end of 2019. Recently, JPMorgan CEO Jamie Dimon also supported the most famous Facebook’s Libra coin project and claims that the stablecoin does not pose a threat to banks.
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