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Deutsche Bank, the largest bank in Germany, has joined JPMorgan's Interbank Information Network (IIN).
Two years of activity
Launched as a pilot in 2017, JPMorgan's blockchain initiative is now supporting a network of 320 banks that have entered the platform to exchange global payment data with the help of the Ethereum network. announced the Financial Times on September 15th.
Takis Georgakopoulos, head of payments at JPMorgan, expressed hope that Deutsche Bank will be the first of several other major banks to join the IIN. According to the report, Deutsche Bank is the largest clearer of euro payments in the world.
The IIN will enable Deutsche Bank to offer better customer services, according to the bank's Global Head of Cash Management, Ole Matthiessen. Matthiessen, who held this position in March 2019, explained that the bank expects the IIN to reduce the costs of handling difficult payments.
400 members by the end of the year
The IIN network is based on the Quorum platform developed by JPMorgan and intends to address the major challenges of information sharing between banks and the acceleration of transactions for recipients. Quorum is based on the Ethereum blockchain, which was recently reported by co-founder Vitalik Buterin as being almost full because it is the most popular blockchain public network for decentralized applications.
According to Georgakopoulos, JPMorgan aims to conclude 400 agreements with banks by the end of 2019 and is also expected to announce other large banks in the near future.
As announced in June, JPMorgan is expected to pilot its own cryptocurrency, JPM Coin, by the end of 2019. Recently, JPMorgan CEO Jamie Dimon supported the much discussed crypto project Libra, claiming that the stablecoin did not not a threat to banks in the short term. term. At the same time, Deutsche Bank is one of 26 global central banks that will meet the founders of Libra to discuss its so-called financial stability risks for the Switzerland of tomorrow.
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