JPMorgans crypto payments network adds Deutsche Bank

Tuesday 17 September 2019 00:47 CET | News

Deutsche Bank has joined JPMorgan’s blockchain-based payments initiative called the Interbank Information Network (IIN).

So far, the total number of banks signed up for IIN to 320, CoinDesk cited a report from the Financial Times. IIN is built on Quorum, the Ethereum-based blockchain network developed by the financial corporation, and employs a stablecoin dubbed JPM Coin. The network was announced in October 2017.

At the time of the launch, JPMorgan said that the platform aims to cut the time and costs required when resolving interbank payments delays. IIN saw the start of remittance trials with JPMorgan’s client banks in June 2019. IIN brings efficiencies by writing all the data on payments a shared ledger, thus allowing problematic payments to be resolved more quickly and with less manual processes.

IIN plans to have 400 members by the end of 2019, and expects other major banking members to be announced very soon.

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Keywords: Deutsche Bank, remittances, JPMorgan, blockchain, payments , Ethereum, Quorum, Interbank Information Network
Countries: World

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