Deutsche Bank joins JPMorgan’s Interbank Information Network
(PRESS RELEASE) FRANKFURT AM MAIN, 17-Sep-2019 — /EuropaWire/ — Deutsche Bank announced it is joining JPMorgan operated Interbank Information Network (IIN). The blockchain based network allows its member banks to exchange information on cross-border payments in real-time minimizing in this way the friction in the ancillary payments process.
The Interbank Information Network has already seen more than 300 banks from around the world joining its live application of blockchain technology while, as of today, over 50 banks are actively using the service already.
The network is powered by Quorum®, a technology developed by J.P. Morgan, which is a permissioned-variant of the Ethereum blockchain and allows the member banks to exchange information in real-time as a way to verify that a payment has been approved.
Thanks to Deutsche Bank as the largest EUR clearer worldwide and the USD clearing capabilities of JPMorgan the Interbank Information Network (IIN) will now reach a critical mass of banks to realize synergies in investigation case handling. The seamless flow of real-time information between two member banks when it comes to investigation cases is now expected to significantly speed up and reduce the cost of executing cross-border payments.
Commenting on joining the Interbank Information Network, Ole Matthiessen, Deutsche Bank’s Global Head of Cash Management, said:
“The potential benefit for our clients can be huge when using the IIN – from seamless, real-time and digital case-handling to new collaboration capabilities in areas such as KYC, screening and fraud detection. It will make ancillary payment processes safer and more efficient.”
Deutsche Bank AG
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SOURCE: Deutsche Bank