Source for BlockChain News

Category archive

IIN

Deutsche Bank Joins JPMorgan’s Interbank Information Network Platform

by
Interbank Information Network

Interbank Information Network

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.

Matthiessen also indicated that the bank will equally employ the IIN platform in sharing of KYC checks with other financial institutions.

The JPMorgan-led blockchain launched in 2017, and currently, it has a network of 320 banks. Banks exchange payment data between each other through the Ethereum network. The IIN network runs on the JPMorgan Quorum platform and was recently reported to be almost full by co-founder Vitalik Buterin. This is because it is the most common blockchain network for dApps

JPMorgan Looks to Add More Banks on the Platform

JPMorgan’s head of payments, Takis Georgakopoulos, stated if the IIN platform were to have only JPMorgan clients, then it would likely have huge limitations. He added that that will mean that the rest of the smaller banks would still have separate procedures. This is because how they transact with JPMorgan and with other banks would still be different.

>> Ripple (XRP) Falls on Bearish Momentum: What Next?

Georgakopoulos stated that the IIN can accelerate transactions and issues through the provision of a “mutually accessible ledger,” which will save money and time. He expressed his optimism that with having the Deutsche Bank on-board, this will open opportunities for other large banks to go on-board with the IIN platform too.

Besides IIN, R3 and MasterCard’s cross-border blockchain platforms are also working to enhance the speed of global transactions. Despite there being 57 real-time payment platforms in over 72 countries, none are applicable universally.

Featured image: DepositPhotos © jamesteohart

If You Liked This Article Click To Share

IIN Blockchain Expanding | How JPMorgan Wants to Improve Banking

by
IIN

IIN

American investment and commercial banking giant JPMorgan Chase is looking forward to expanding the use of its leading blockchain technology, IIN (Interbank Information Network), to make payments in the banking industry easier and better. At the same time, it is also roping in various fintech firms to help with the platform’s functionality.

IIN New Features

JPMorgan is planning to include new features in IIN to minimize transaction errors. IIN already helps in solving compliance issues. It was primarily built to share information on a common ledger. It is being used by 75 major banks around the world, which joined last year.

This new feature has already been included by more than 220 banks on the global level. JPMorgan believes that with the help of this introduction, banks can better perform their international payment businesses due to an increase in the digital transactions by customers on TransferWise, Ripple, and Revolut. John Hunter, the head of JPMorgan’s global clearing, says IIN’s development is working towards expansion now. He also added that though it was introduced with the aim of sorting out sanctions, now they are focusing more on settlement.

Hunter explained that JPMorgan has included a feature that will assure accurate and real-time payments. It will eradicate payment rejection problems caused due to typos of the account number, sort code, and other such issues. He explained that the STP (straight through processing) rates of banks currently work under 80%–90% of capacity, with the rest 5% to 20% lacking thereof. This problem will also be solved by the introduction of IIN.

>> Ripple Startup Launches XRPayments App: Available on iOS and Android

Execution By Q3

According to Hunter, this feature will be in force by third quarter 2019 and will be possible for both payments, within the country as well as outside it. This introduction of the testing environment will provide users with safe messaging, file transfer, and data modeling. Hunter feels it will remove problems like tooling, data, and ecosystem. And with the help of developers, all this can be possible.

Apart from IIN, JPMorgan is also establishing a sandbox that will be used by the fintechs to put applications into use.

Under the current scenario, IIN services are free but will have a fee attached eventually.

Featured image: DepositPhotos @ Fotofabrika

If You Liked This Article Click To Share

Go to Top