Deutsche Bank joins Interbank Information Network
Deutsche Bank, the world’s largest EUR clearer, has partnered JP Morgan’s Interbank Information Network (IIN), reports Jane Connolly.
There are more than 300 banks on the peer-to-peer (P2P) platform, which is based on blockchain technology.
The bank expects to see faster investigations and reduced costs for cross-border payments
The network enables members to exchange real-time information on cross-border payments, to improve the ancillary payments process and assist in investigation cases.
With the partnership, the bank expects to see faster investigations and reduced costs for cross-border payments.
Ole Matthiessen, Deutsche Bank’s global head of cash management, says: “The potential benefit for our clients can be huge when using the IIN – from seamless, real-time and digital case handling to new collaboration capabilities in areas such as know-your-customer (KYC), screening and fraud detection. It will make ancillary payment processes safer and more efficient.”
More than 50 banks are actively using the IIN service currently.
