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Banks continue to invest time and money in Blockchain projects and trust still remains so important
Germany’s Deutsche Bank is rumored to have disbanded its team, in London UK, which was itself researching how Blockchain could help the bank and then, in time, offer its clients low cost and more efficient products and services. However, it has not stopped Deutsche Bank from joining the JPMorgan project, which uses Blockchain technology — this being recently reported by the FT. Deutsche bank will join 320 banks and is by far the largest to sign up to the interbank Information Network (IIN). The INN aims to cut the cost and reduce the time it takes to carry out cross-border payments, which is attractive for Deutsche bank as it processes more euro-denominated payments than any bank worldwide.
According to JP Morgan Payments Head, the IIN provides solutions that would previously have taken up to “16 days” to resolve just “hours”.Ole Matthiessen, at Deutsche’s cash management division, said “The IIN would allow his bank to offer better services to their clients, and would lower the cost of processing difficult payments. Our competitors are not just the other banks, it’s also new players in the market, we need to become efficient enough to provide seamless real-time and digital process”.
