Deutsche Bank Joins Blockchain Network Led by JPMorgan
- The German lender joins a network of 320 banks.

By joining INN, the German lender is now part of a network of 320 banks which swap information on global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term over blockchain, with the goal to allow payments that aren’t subject to costly delays that affect around 1.5 percent of cross-border payments.
In order to achieve this, the participating banks in INN make information about the transfers instantly accessible to all banks in the payments chain. The banks part of INN use JPMorgan as a correspondent bank to process dollar payments for their clients. Deutsche Bank, on the other hand, is the largest clearer of euro-denominated payments in the world.
Deutsche Bank focuses on transaction banking
By joining INN, Deutsche Bank will be able to provide better services to its clients as well as lower the cost of processing difficult payments, according to Ole Matthiessen, the head of Deutsche’s cash management division, who spoke to the news outlet.
This would be a welcome boost to the troubled bank, as its transaction banking, including cash management, is one of the only divisions that are still strong on a global scale.
“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,” Matthiessen said.
“It [joining IIN] is definitely directionally a very important step for us because it will help drive [customer] satisfaction.”
With Deutsche Bank joining INN, the JPMorgan-led network also benefits. That’s according to Takis Georgakopoulos, head of payments at JPMorgan.
“A network that only has JPMorgan’s clients will have very big natural limitations. It would mean that all of these other smaller banks would still need to have bifurcated procedures, what they do with JPMorgan and what they do with other banks would still have to be different,” added Georgakopoulos.
“Having Deutsche join — and hopefully Deutsche will be the first of several other large banks — is going to help us drive towards ubiquity and ubiquity is a pre-requisite for the success of the network.”
At present INN consists of 320 members, with 65 having gone live on the system and 255 have signed letters of intent. By the end of the year, INN is expected to reach its target of 400 agreements, according to Georgakopoulos.
By joining INN, the German lender is now part of a network of 320 banks which swap information on global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term over blockchain, with the goal to allow payments that aren’t subject to costly delays that affect around 1.5 percent of cross-border payments.
In order to achieve this, the participating banks in INN make information about the transfers instantly accessible to all banks in the payments chain. The banks part of INN use JPMorgan as a correspondent bank to process dollar payments for their clients. Deutsche Bank, on the other hand, is the largest clearer of euro-denominated payments in the world.
Deutsche Bank focuses on transaction banking
By joining INN, Deutsche Bank will be able to provide better services to its clients as well as lower the cost of processing difficult payments, according to Ole Matthiessen, the head of Deutsche’s cash management division, who spoke to the news outlet.
This would be a welcome boost to the troubled bank, as its transaction banking, including cash management, is one of the only divisions that are still strong on a global scale.
“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,” Matthiessen said.
“It [joining IIN] is definitely directionally a very important step for us because it will help drive [customer] satisfaction.”
With Deutsche Bank joining INN, the JPMorgan-led network also benefits. That’s according to Takis Georgakopoulos, head of payments at JPMorgan.
“A network that only has JPMorgan’s clients will have very big natural limitations. It would mean that all of these other smaller banks would still need to have bifurcated procedures, what they do with JPMorgan and what they do with other banks would still have to be different,” added Georgakopoulos.
“Having Deutsche join — and hopefully Deutsche will be the first of several other large banks — is going to help us drive towards ubiquity and ubiquity is a pre-requisite for the success of the network.”
At present INN consists of 320 members, with 65 having gone live on the system and 255 have signed letters of intent. By the end of the year, INN is expected to reach its target of 400 agreements, according to Georgakopoulos.