Germany’s largest bank, Deutsche Bank, has joined 320 other banks in the JPMorgan blockchain network, the Interbank Information Network (IIN).
The move aims to lower cost for Deutsche Bank, which handles a vaster amount of euro payments relative to any other bank globally. This will also enhance cross-border transactions and thus avoid the costly lag periods.
IIN Platform to Enhance Cross-Border Transactions
According to the bank’s head of cash management globally, Ole Matthiessen, the Interbank Information Network will allow the bank to provide customers with enhanced services. He added that competitors are not just the banks anymore, because there are new players currently in the market. He said that Deutsche Bank needs to be more efficient for it to offer a smooth real-time digital experience to clients.