Deutsche Bank Joins JPMorgan’s Blockchain-Based Payment System

Deutsche Bank has joined JPMorgan’s Interbank Information Network, a blockchain-based network based on Quorum, a permission-variant of the Ethereum blockchain, developed by J.P. Morgan. Source: Financial Times.

IIN minimizes friction in the global cross-border payments process, enabling payments to reach beneficiaries faster with fewer steps. Using blockchain technology, IIN reduces the time banks currently spend responding to compliance and other data-related inquiries that delay payments.

JPMorgan Head of payments, Takis Georgakopoulos said to FT – “Having Deutsche join — and hopefully Deutsche will be the first of several other large banks – is going to help us drive towards ubiquity and ubiquity is a prerequisite for the success of the network”.

Recently, Deutsche Bank, the struggling bank laid off 18,000 of its workforce and plans to focus on areas where the bank is competitive. Joining JPMorgan’s blockchain-based payment network could help Deutsche Bank to lower its operational cost and focus on better services to their clients.