Deutsche Bank is joining the JPMorgan Chase-led Interbank Information Network (IIN), a blockchain-based cross-border payment messaging system.
The project targets the inefficiencies in the SWIFT payment system, which currently has 11,000 banks. Although the SWIFT GPI upgrade enabled payment tracking, it doesn’t provide the communications needed to resolve compliance queries.
IIN enables the parties to share information in a permissioned way. It acts as a ledger where everyone can view the status of the transaction and address queries seamlessly. In contrast, legacy systems require manual intervention, so IIN increases the efficiency and speed of transactions. However, this was the first feature in a more ambitious project.
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