Blockchain for Banking News

Deutsche Bank joins JPMorgan’s blockchain payment network

deutsche bank

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.

Last year JP Morgan’s Emma Loftus elaborated on the purpose of the IIN project.

At present, IIN has over 300 members on its platform. Some of the big names include Société Générale, China CITIC and Mizuho. Deutsche Bank is one of the biggest banks in Europe and the biggest clearer of euro-denominated payments.

“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,” Takis Georgakopoulos, head of wholesale payments at JPMorgan told the Financial Times.

While the size of the network is a significant achievement, the absence of numerous global banks is notable. For example, in Asia, neither Standard Chartered nor HSBC are currently participants. In Europe, two large banks that are very active in the blockchain space but not in IIN are BNP Paribas and ING.

For Deutsche, it is about offering better services to its customers while incurring lower costs. “It (joining IIN) is definitely directionally a very important step for us because it will help drive (customer) satisfaction,” said Ole Matthiessen, head of Deutsche’s cash management division.

Meanwhile, IIN is working well for JPMorgan. Georgakopoulos said the platform has enabled the bank to resolve payments issues within hours instead of weeks.

IIN expects to reach the target of 400 banks on its platform by the end of 2019. The platform uses Quorum, the enterprise version of Ethereum developed by JP Morgan.

JP Morgan’s IIN uses the existing correspondent banking infrastructure. Many other blockchain payments initiatives look to avoid it. Last week, Mastercard announced it had partnered with R3 to develop a blockchain-powered cross-border payments solution. This aims to use Mastercard’s network. Likewise Visa has its B2B Connect project.

A few months ago, IBM soft-launched its IBM World Wire blockchain payment platform. It leverages Stellar to enable direct bank-to-bank payments using tokens. Stellar and Ripple’s xRapid have similar objects to avoid the correspondent banking network and enable instant payments.

List of IIN banks


Banca Mifel
Banco Actinver, S.A.
Banco Aliado
Banco BICE
Banco BCT SA
Banco Bisa
Banco Bradesco S.A.
Banco CMF S.A.
Banco Davivienda S.A.
Banco Daycoval S.A.
Banco de Bogota
Banco de Crédito del Perú
Banco de Galicia y Buenos Aires
Banco do Brasil New York Branch

Banco Ganadero
Banco General
Banco Industrial
Banco Internacional del Peru
Banco Lafise
Banco Mercantil Santa Cruz
Banco Nacional de Bolivia
Banco Nacional de Costa Rica
Banco Nacional de Panama
Banco Popular Dominicano
Banco Regional
Banco Security
Bank of Bahamas Limited
Bank of Montreal

BCT Bank International
Credicorp Bank
First Tennessee Bank
Global Bank Corporation
Grupo Bursátil Mexicano
Itau Unibanco S.A.
JPMorgan Chase
National Bank of Canada
Republic Bank
Royal Bank of Canada
The Toronto-Dominion Bank
Banco Inbursa S.A.
Banco Continental
Banco Ficohsa Panama


Alior Bank SA
Allied Irish Bank
Banca Monte dei Paschi di Siena S.p.A
Banco de Investimento Global S.A.
Banco de Sabadell
Banco Santander
Bank Hapoalim B.M.
Bank Leumi Le-Israel B.M
Bank Polska Kasa Opieki S.A.
Banque Internationale de Commerce – BRED (Suisse) SA
Banque Thaler SA
Bayerische Landesbank

CBH Compagnie Bancaire Helvétique S.A.
CIM Banque S.A Geneve
Cooperatieve Rabobank U.A.
Credit Agricole S.A.
Danske Bank
Erste Group Bank AG
Gonet & Cie SA
Helaba -Landesbank Hessen -Thuringen
Israel Discount Bank Limited
Nationwide Building Society
Norddeutsche Landesbank Girozentrale
PKO Bank Polski S.A.
Privatbank IHAG Zurich AG
Reyl & Cie SA

Skandinaviska Enskilda Banken
Société Générale
The First International Bank of Israel Ltd
UniCredit Bank Austria
Caixa Central de Credito Agricola Mutuo
UBS Switzerland AG
Banca Popolare Di Sondrio S.C.P.A.
East-West United Bank SA
Caixa Geral de Depositos
Mizrahi Tefahot Bank LTD
BLOM Bank France


Australia and New Zealand Banking Group Limited
Axis Bank Limited
Bank of Dalian Co., Ltd
Bank of Nanjing
BRAC Bank Limited
China CITIC Bank International Limited
China Guangfa Bank
China Zheshang Bank
Chong Hing Bank Limited
Eastern Bank Limited
East West Banking Corporation
Ho Chi Minh City Development Joint Stock Commercial Bank
ICICI Bank Limited
Indovina Bank Ltd
Industrial Bank Co., Ltd
Joint Stock Commercial Bank for Investment and Development of Vietnam
KASIKORNBANK Public Company Limited
KEB Hana Bank
Military Commercial Joint Stock Bank
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Nanyang Commercial Bank (China), Limited
National Australia Bank Limited
NongHyup Bank
Prime Bank Limited
PT Bank Central Asia Tbk
PT Bank CIMB Niaga Tbk
PT Bank Negara Indonesia (Persero) Tbk
Resona Bank, Ltd.
Rizal Commercial Banking Corporation
Saigon Thuong Tin Commercial Joint Stock Bank
Shanghai Rural Commercial Bank
Shinhan Bank

Sumitomo Mitsui Banking Corporation
Taipei Star Bank
Taishin International Bank Co., Ltd
The 77 Bank, LTD.
The Bank of Nagoya, Ltd.
The Norinchukin Bank
Union Bank Of The Philippines
Vietnam Joint Stock Commercial Bank for Industry and Trade
Westpac Banking Corporation
Woori Bank
Yes Bank Limited
The Bank of Kyoto, Ltd.
Kansai Urban Banking Corporation
The Kinki Osaka Bank, Limited
The Minato Bank, Ltd.
The Musashino Bank, Ltd.
The Tajima Bank, Ltd.
Aozora Bank, Ltd.
Bank of the Ryukyus, Limited
The Aichi Bank, Ltd.
Shinsei Bank, Limited
The Bank of Okinawa, Ltd.
The Gunma Bank, Ltd.
The Higo Bank, Ltd.
The Oita Bank, Ltd.
Union Bank of India
The Michinoku Bank, Ltd.
The Taiko Bank, Ltd.
The Iyo Bank, Ltd.
The Kyoto Chuo Shinkin Bank
The Hokkoku Bank, Ltd.
Bank of Ayudhya Public Company Limited
The Kagawa Bank, Ltd.
United Commercial Bank Limited
The Aomori Bank, Ltd.
Dhaka Bank Limited
Saitama Resona Bank, Limited

Sony Bank Inc.
The Asahi Shinkin Bank
The Awa Bank, Ltd.
The Hokuto Bank, Ltd
The Keiyo Bank, Ltd
The Kiyo Bank, Ltd.
The Korea Development Bank
The Shonai Bank, Ltd
The Tochigi Bank, Ltd.
The Yamagata Bank, Ltd.
The Hiroshima Bank Limited
The Tama Shinkin Bank
Bank Asia Limited
Sumitomo Mitsui Trust Bank, Limited
The Bank of Saga LTD.
The Yamaguchi Bank, Ltd.
The SAN-IN GODO Bank, Ltd
The Chugoku Bank, Limited
Suruga Bank Limited
Bank of the Philippine Islands
Export Import Bank of Bangladesh Limited
Thanachart Bank Public Company Limited
The Shiga Bank, Ltd.
The Shizuoka Bank, Ltd
Kiraboshi Bank, Ltd.
MCB Bank Limited – Sri Lanka Branch
North Pacific Bank, Ltd.
People’s Bank
The Daisan Bank, Ltd.
The Federal Bank Ltd
The Gifu Shinkin Bank
The Kagawa Bank, Ltd.
The Kanagawa Bank, Ltd.
The Keiyo Bank, Ltd
The Kinki Osaka Bank, Limited.
The Kita-Nippon Bank, Ltd.
The Kyoto Shinkin Bank
The Okazaki Shinkin Bank
The Seto Shinkin Bank
The Tokushima Bank Limited

Central & Eastern Europe, Middle East and Africa

Ahli United Bank B.S.C
Al Rajhi Banking & Investment Corporation
Alawwal Bank
Alfa Bank Joint Stock Company
Allied Bank Limited
Arab Jordan Investment Bank
Bank ABC (Arab Banking Corporation B.S.C.)
Bank Al Habib Limited
Bank Alfalah Limited
Bank Muscat
Bank of Sharjah
Barclays Bank Tanzania Limited
Barclays Bank Zambia PLC
Banque du Caire SAE
Banque Libano-Francaise SAL
Cairo Amman Bank PLC
Commercial Bank of Africa Limited
Commercial International Bank (Egypt) S.A.E
Credit Bank of Moscow
Credit Libanais SAL
DenizBank A.S.
Export Development Bank of Egypt
Fransabank El Djazair SPA
Fransabank SAL
Habib Metropolitan Bank Limited
The Housing Bank of Trade and Finance – Algeria
Joint-Stock Company BCS-Investment Bank
Jordan Islamic Bank
JS Bank Limited
KCB Bank Kenya Limited

Kuveyt Turk Katilim Bankasi A.S.
Kuwait Finance House
MauBank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Fujairah P. J.S.C.
National Bank of Kenya Limited
National Bank of Kuwait S.A.K.P.
Nedbank Limited
Odea Bank Anonim Sirketi
Saradar Bank SAL
Soneri Bank Limited
The Housing Bank for Trade and Finance
Turkiye Finans Katilim Bankasi A.S
Turkiye Vakiflar Bankasi T.A.O.
Bank Audi SAL
National Bank of Kuwait – Egypt
QNB Finansbank A.S.
Sohar International Bank
Standard Bank (Mauritius) Limited
Standard Bank of South Africa Limited
Bank of Beirut SAL
Bank Saint Petersburg
Gulf International Bank B.S.C
Bank Avangard
Bank Al Etihad
Societe Generale de Banque Au Liban SAL
Bank Uralsib
Creditbank SAL

United Bank Limited
First Ukrainian International Bank
BankIslami Pakistan Limited
Joint Stock Company Surgutneftegasbank
FirstRand Bank Limited
The Bank of Punjab
Stanbic Bank Botswana Limited
Bank Windhoek Limited
Silkbank Limited
Stanbic Bank of Kenya Limited
International Bank of Azerbaijan
Ziraat Bankasi A.S.
Yapi Ve Kredi Bankasi A.S.
The Mauritius Commercial Bank Limited
Al Salam Bank Bahrain BSC
Ahli Bank SAOG
Al Ahli Bank of Kuwait – Egypt
Al Salam Bank – Algeria –SPA
Banque Nationale d’Algerie
Barclays Bank Seychelles Limited
BLOM Bank Egypt S.A.E.
Absolut Bank (PAO)
DIB Bank Kenya Limited
Fidelity Bank Ghana Limited
JSCMB Ipotekabank
Metallurgical Investment Bank Public Joint Stock Company Commercial Bank
Absa Bank Limited
Anglo Gulf Trade Bank
Arab Investment Bank
Bahrain Islamic Bank
Central Bank of Bahrain
Central Bank of Seychelles