Deutsche Bank, Germany’s largest bank has opted for a blockchain-based network by joining JP Morgan‘s Interbank Information Network (IIN). It is the biggest blockchain project in the financial service industry.
Launched in 2017, this blockchain-based network is now seeing rapid growth in its market. It has now a network of 320 banks that can exchange the global digital payment data among each other by using Ethereum network service, which is used most commonly in the blockchain network market for decentralized apps.
Though in the starting, only small banks and clients of JPMorgan’s were using their IIN network. Deutsche Bank has become one of the few large banks to join their service that will now allow this German Bank to lower its costs for processing larger payments and make the cross border payments faster. By joining IIN, Deutsche Bank can now offer better services to its customer and get an edge over the market.
Apart from that, several reports prove, Deutsche Bank is the world’s biggest clearer of euro-denominated payments, which means after Deutsche, now there are many other larger banks might also join the IIN. This will be a good thing, as more partner joins IIN globally, the secure and fast payments can be done among the partnered banks.
IIN uses the Quorum platform, their in-house developed platform to take care of the most important of transfer payments, which is to share the transfer details and speed-up the process. According to reports, Deutsch Bank is not going to be the only large bank joining IIN, as the company is soon going to announce other large banks who had joined them. JP Morgan’s IIN is hoping to add a total of 400 banks to its service that will help both the banks and IIN to get an edge over the market of blockchain-based products and services.