JP Morgan‘s Interbank Information Network (IIN), the biggest blockchain project in the financial service industry, has been opted by Deutsche Bank, Germany’s largest bank.
Interbank Information Network (IIN) already has a network of 320 banks which have agreed to swap information on global payments over blockchain, the mutually distributed ledger technology behind cryptocurrencies.
"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," said JPMorgan head of payments Takis Georgakopoulos.
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.
The IIN network uses the JPMorgan-developed Quorum platform and intends to tackle the major challenges associated with the transfer payment, sharing information between banks and speed up transactions to recipients. Quorum is based on the Ethereum blockchain, which was recently reported by co-founder Vitalik Buterin to be almost full as it is the most popular public blockchain network for decentralized apps.
JPMorgan aims to reach 400 agreements with banks by the end of 2019 and is also expecting to announce other large banks in the near future.