Deutsche Bank joins JPMorgan

The financial conglomerate Deutsche Bank has joined the Interbank Information Network (IIN) blockchain system, according to the Financial Times .

The system developed by the American investment bank JPMorgan is designed for interbank messaging about international payments through the Quorum blockchain. Prior to this, the network was mainly used by small banks and JPMorgan customers.

JPMorgan expects Deutsche Bank to be the only major player to join the network. The German conglomerate believes that IIN will help reduce costs for complex payments and improve the quality of services.

The launch of the IIN pilot project in partnership with the Australian ANZ and Royal Bank of Canada took place in the fall of 2017. The system is used by more than 220 banks.

Recall that in February, JPMorgan launched its own stablecoin JPM Coin.

In April, IIN developers said they would extend the functionality to the settlement procedure.

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