JPMorgan’s crypto network has added Deutsche Bank as its latest member. According to the report from Financial Times the number of banks signed up for Interbank Information Network (IIN) is 320.
JPMorgan said that the platform would slash the time and costs required when resolving interbank payments delays. IIN saw the start of remittance trials with JPMorgan’s client banks in June.
Deutsche Bank Will Boost JPMorgan’s Crypto Network
The bulk of the member banks use JPMorgan to process USD payments. Deutsche Bank, though, ranks number one globally for clearing of euro-denominated payments.
Takis Georgakopoulos, managing director of treasury services at JPMorgan, said that since IIN would have very big natural limitations if IIN members were only drawn from the bank’s client pool, the addition of Deutsche Bank is going to help JPMorgan crypto network grow larger.
IIN brings efficiencies by writing all the data on payments a shared ledger, thus allowing problematic payments to be resolved more quickly and with less manual processes, said Deutsche Bank’s global head of cash management, Ole Matthiessen.
Deutsche Bank Shifts To Technology Or Has Big Problems
After firing 18000 employees earlier this year, Deutsche Bank seems to be seeking technological solutions to replace the big loss of the human resources they had to lay off.
We have to note that a solution like this will be much much cheaper for Deutsche Bank and will save them a lot of money and resources.
On the other hand, when the number 1 EU Bank decides to lay off 18000 people, most certainly smells like trouble are coming in the future for the economic sector.
source ft.com
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