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This move onto the blockchain will speed up cross-border disbursements and avoid expensive lag times to lower costs. The firm sacked 20% of their workforce worldwide in July to alleviate strain on financial resources – digitisation of their payments offering seems like a step in the right direction.
Source: The Guardian


Deutsche Bank – clears more euro-denominated payments than any bank worldwide.

The JP Morgan Chase blockchain initiative, or Interbank Information Network (IIN) for its official title saw the start of remittance trials with JPMorgan’s client banks June 2019.

Announced in October 2017, IIN is built on Quorum, the ethereum-based blockchain network developed by the banking giant, and employs a stablecoin dubbed JPM Coin. JPMorgan said at the time that the platform would slash the time and costs required when resolving interbank payments delays.

With Deutsche Bank having recently cut back its investment banking business and now relying more on transaction banking, Global Head of Cash Management, Ole Matthiessen said joining IIN is “an important step” that would reduce Deutsche’s costs and also allow it to offer better services to clients.

Matthiessen added that IIN’s plan to have 400 members by the end of 2019 is on track with other major banking members likely to be announced very soon.
Source: Coindesk 


Contact Joseph Lee for more information on blockchain banking.