One of the hidden problems with cross-border payments is when queries and issues occur, as they do from time to time. J.P. Morgan’s Interbank Information Network (IIN), launched as a pilot in 2017, is a scalable, peer-to-peer network powered by blockchain technology which aims to minimize friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps, by addressing the challenges of interbank information–sharing.
Deutsche Bank joins IIN
Deutsche Bank will partner with Interbank Information Network (IIN), a peer-to-peer platform based on blockchain technology. The network, operated by JPMorgan, allows member banks to exchange information on cross-border payments in real-time to minimize friction in the ancillary payments process.
To date, more than 300 banks have joined the network, and more than 50 banks are already actively using the service today.
With Deutsche Bank, the largest EUR clearer worldwide, and JPMorgan’s USD clearing capabilities, IIN will now reach a critical mass of banks to realize synergies in investigation case handling. The seamless flow of real-time information between two members related to investigation cases is expected to significantly speed up and reduce the cost of executing cross-border payments.
“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 KYC, screening and fraud detection. It will make ancillary payment processes safer and more efficient” said Ole Matthiessen, Deutsche Bank’s Global Head of Cash Management.
CTMfile take: The impact of IIN could be even bigger than J.P. Morgan hoped.
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