The JPMorgan blockchain-based payment project has introduced Deutsche Bank as its newest affiliate. In fact, according to the Financial Times study on Sunday, the entire amount of companies registered for the Interbank Information Network (IIN) is 320.
Announced in October 2017, IIN is constructed on Quorum, the banking giant’s ethereum-based blockchain network, and uses a stable coin called JPM Coin. At the time, JPMorgan said that the platform would reduce the time and costs needed to resolve interbank payment delays.
In June, IIN saw the beginning of remittance tests with JPMorgan’s client companies.
Following the Financial Time’s study, JPMorgan is used by most partner companies to pay USD. However, the Deutsche Bank lists worldwide top one for transactions denominated in euro.
The managing director of treasury services at JPMorgan, Takis Georgakopoulos, informed the newspaper that since “very great naturally limited” would exist for IIN’s employees if they only had their customer base, Deutsche Bank’s contribution is “to assist us to move towards omnipresence.”
The Deutsche Bank, Ole Matthiessen, worldwide cash management manufacturer, has pointed that IIN makes efficiencies possible by making all payment information commonly available and thus allows problem requests to be addressed quicker and with fewer automatic procedures.
He said entering IIN would be “a significant move” in cutting expenses for Deutsche and allowing her to deliver stronger facilities for its customers since her bank has lately decreased its investment banking company and now depends more on payment banking.
He stated that the scheme of IIN with 400 employees is online by the middle of 2019 and that the other principal bankers will be announced very quickly.