According to a recent Financial Times report, the German multinational bank has joined JPMorgan’s project, which already counts more than 300 members, in order to achieve faster cross-border payments and minimize expenses.
Powered by Quorum, an open-source platform developed by JPMorgan and based on the Ethereum blockchain, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved.
Deutsche bank looking to improve efficiency
After the large personnel cuts which were enforced in July, leaving 18,000 people without jobs, Deutsche bank is shifting focus from investment banking and is now relying more on transaction banking. Ole Matthiessen, head of the bank’s cash management division believes that joining JPMorgan’s IIN will reduce costs and allow for better services to be offered to clients.
JPMorgan sets a target to reach 400 banks join the IIN by the end of the year
Thus far, most IIN members included smaller banks. With the addition of Deutsche Bank, JPMorgan expects to attract other large banks joining the network. As Mr Takis Georgakopoulos, head of payments at JPMorgan admitted,
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.
He also revealed that the bank is on track with their goal to reach 400 banks join their network by the end of the year.
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