Deutsche Bank joins J.P. Morgan's IIN network
- 2 months ago
The J.P. Morgan Chase-led Interbank Information Network (IIN) will be welcoming its newest addition, Deutsche Bank, to its existing network of 320 banks which have agreed to exchange information on global payments over blockchain.
Their aim is to free payments from the lengthy and costly delays that affect around 1.5% of cross-border payments by making information about the transfers instantly accessible to every bank in the payments chain.
Most of IIN’s existing members are banks who use J.P. Morgan as a correspondent bank to process USD payments on behalf of their clients.
Deutsche is the world’s biggest clearer of EUR denominated payments.
So far, more than 65 banks have gone live on the system and another 255 have signed letters of intent, well up on the 75-plus banks who were signed up to IIN a year ago.
Source: Smart Trend Team