April 23, 2024

Deutsche Bank joins JPMorgan interbank network based on Quorum blockchain

The largest German bank, Deutsche Bank, has joined the Interbank Information Network (IIN), developed by JPMorgan.

Using the blockchain, banks connected to the network can quickly and reliably exchange information on international payments. About 320 banks have already been connected to the IIN, including some JPMorgan customers.

“Connecting Deutsche to our network will help indistribution of IIN. The widespread use of the product is a prerequisite for the success of the network, ”said Takis Georgakopoulos, head of payment at JPMorgan.

He also said that JPMorgan plans to connect up to 400 banks to the network by the end of 2019.

IIN is based on the Quorum blockchain platform,developed by JPMorgan based on Ethereum. With the help of the JPMorgan network, it plans to significantly increase the processing speed of international money transfers and solve problems in interbank interaction.

JPMorgan is also working on othersblockchain projects, such as JPM Coin's own cryptocurrency. Internal testing of cryptocurrency began in February of this year, and in the summer some customers of the bank joined it.