Deutsche Bank has partnered with Interbank Information Network (IIN), a peer-to-peer platform based on blockchain technology, operated by J.P. Morgan.
The platform allows member banks to exchange information on cross-border payments in real-time to minimise friction in the ancillary payments process.
The flow of real-time information between the two banks is expected to “significantly speed up and reduce the cost of executing cross-border payments”, according to Deutsche Bank.
More than 300 banks have joined the network, and more than 50 banks actively use the service today.
Ole Matthiessen, global head of cash management at Deutsche Bank, said: “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, screening and fraud detection. It will make ancillary payment processes safer and more efficient.”
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