It has recently been announced that Deutsche Bank, recognized as the most important bank in German territory, has joined the largest blockchain network in the financial services industry, the platform led by JPMorgan, in order to reduce costs and accelerate payments cross-border
As published, the bank will now be part of the Interbank Information Network (IIN) led by JPMorgan Chase, after announcing to Deutsche as a new recruit for a network of 320 banks, which agreed to exchange information on global payments through a blockchain platform.
They said that the main objective is to minimize the time for the release of cross-border payments by allowing “information on transfers to be instantly accessible to all banks in the payment chain.”
On one hand, the majority of existing IIN network members are banks that use JPMorgan as another correspondent bank to process payments in USD on behalf of their clients and, on the other, they assured that the German bank is the world’s largest provider of Payments denominated in euros, indicated in the statement.
JPMorgan’s chief payment officer, Takis Georgakopoulos, said:
“A network that only has JPMorgan clients will have very large natural limitations.
It would mean that all of these other smaller banks would still have to have forked procedures, what they do with JPMorgan and what they do with other banks would still have to be different. “
In addition, Georgakopoulos said that the platform saves you time and money, by reducing the payment processes that took time to become effective between two and 16 days.
They also explain that the network places all the information about a given payment in a mutual access accounting book, which allows anomalies to be resolved quickly with less manual effort, according to what has been published.
Matthiessen revealed that Deutsche could also benefit from other potential uses of the INN network, as would be the case for using it as a platform for banks to share customer checks, according to the source.
Georgakopoulos also said that the interbank platform is aimed at reaching its goal of signing 400 agreements by the end of the year and expects to announce other large banks “imminently”, highlighted in the publication.
The IIN is a network developed to provide solutions aimed at accelerating the global payment system, including Mastercard, to the R3 blockchain-based cross-border platform and the admission of blockchain signatures to the traditional global Swift interbank messaging system.