As the youngest member of the Deutsche Bank in the Interbank Information Network (IIN) from the industry competitors JPMorgan. On the exchange of transaction data in the Blockchain is designed to make network international money Transfers faster and cheaper. JPMorgan is hoping that the accession of further growth on the part of big money houses. The currently faltering, Deutsche Bank will, in turn, is set using the network on the future of business in the area of real-time transfers.
By David Barkhausen
16. September 2019BTC$10.227,85 -1.01%part Facebook Twitter LinkedIn xing mail
Who wants to transfer money across borders from one country to another, not seldom needs one thing above all: patience. Often, cross-border transactions are particularly time-consuming, because at the same time, the blessing of various banks, Clearing or even Supervisory authorities. Faster, however, money enters the account, if the different banks are working together from the beginning, and transfer to exchange data. This Trend has apparently realized even the currently struggling German Bank for themselves.
As the largest outdoor standing member of the almost only German Bank giant has joined the Interbank Information Network (IIN) industry competitor JPMorgan Chase. This is the US-financial news the Financial Times reported on Sunday, may 15. September.
the company’s own, Ethereum-based Quorum-technology-based network enables its members, transaction data in real time to exchange. This is to make cross-border payments smoother, cheaper and faster.
so Far, partner banks and customers, banks, the US giants are currently 320 members strong network for the most part. The accession of the German Bank, in turn, should open it now, but another big competition is the door and the Blockchain network firmly in the international business to establish.
A network that consists only of JPMorgans clients are by nature great obstacles […]. The accession of the German Bank – as hopefully the first of several large banks – will help us to increase our presence,
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Takis outlines Georgakopoulos, potion, action, boss of JPMorgan, the expansion strategy behind the recent growth. Only if the network is on the market everywhere, could have the success of a project.
Currently, the IIN has 65 active members, and a further 255 have signed a corresponding accession declarations. With the accession of the German Bank as a door-opener, the network is to crack, however now already the end of the year, the mark of 400 members, so the idea of a patron from New York.
Deutsche Bank in the conversion and duration of the crisis
What the Americans hope for a Coup, could be at the same time as a major strategic change of position of the crisis-ridden German Bank. While the global transaction is part of the division is currently the biggest Strengths of the money house. But just look at cheap immediately transfers the Frankfurt might see their skins, soon to float away.
Numerous FinTech and crypto-companies such as the Bank platform R3, which has taken in the last week, the Industry heavyweight MasterCard in their ranks, are ready with their ideas already in the start. Many of them want to bring in the settlement of transactions, also Blockchain technology. In addition, Deutsche Bank is aware of group currencies, such as Facebook’s controversial project Libra, which are already in the starting holes.
Our competitors are not only other banks, among them are also new players in the market. We need to be efficient enough to allow friction-free digital processes in real time,
Ole Matthiessen, head of the Transfer arm of Frankfurt, the pressure of increasing competition describes to the Financial Times.
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Indeed, could recover the shares of Deutsche Bank recently. Meanwhile, the money house, however, is more in financial difficulties and have recently recorded record losses. After the Frankfurt lossagten in July of its investment division, and since then, numerous employees de-stress, seems to be the Bank with the IIN accession in the transfer area of winterizing to want.
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