JP Morgan’s Crypto Payments Initiative Adds Deutsche Bank to its Blockchain Network
According to Sunday’s Financial Times report, JPMorgan’s Interbank Information Network (IIN) – the firm’s peer-to-peer blockchain network – has onboarded Deutsche Bank as its newest member. IIN is built on the Ethereum-based blockchain protocol, Quorum, and utilizes a JPM Coin as the stablecoin on the network to settle fiat currency transactions in real-time. It enables member banks and other financial institutions to instantly share information to verify that payments between two parties have been processed and approved.
IIN was launched as a pilot project in 2017 and has since then drawn significant interest from correspondent banks. According to JP Morgan, the bank has over 300 banks as part of its blockchain-payments network. The expansion of IIN in a very short time frame clearly demonstrates JP Morgan’s commitment to mass adoption of blockchain banking with end-goal of slashing time and costs required to process wires and other inter-bank money transfers.
“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 pre-requisite for the success of the network,” said Takis Georgakopoulos, Managing Director of Treasury Services at JPMorgan.
Deutsche Bank’s Head of Cash Management, Ole Matthiessen, is confident that other major banks will be onboarded to IIN’s network in the near future and believes the firm is on track to have a total of 400 member firms by the end of the year.
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