Deutsche Bank, Germany's largest bank, has joined the Interbank Information Network (IIN), the blockchain-based network developed by JPMorgan, the Financial Times reported yesterday.
The Interbank Information Network, which was launched back in 2017 in pilot mode, already has 320 participants and allows the exchange of data on global payments through ethereum's protocol.
Takis Georgakopoulos, head of payments at JPMorgan, hopes that Deutsche Bank, the world's largest clearer of euro-denominated payments, will be the first of many large banks to join the project.
As a result of this cooperation, the German bank will be able to use the IIN to improve the services it offers its customers.
More particularly, the IIN network has been built on JPMorgan's Quorum platform and its aim is to facilitate the exchange of information between banks as well as speed up transactions.
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