Deutsche Bank joins JPMorgan’s blockchain-based Interbank Information Network

Deutsche Bank has joined banking rival JPMorgan's Interbank Information Network (IIN) a blockchain-based network comprised of over 60 banks, according to a Financial Times report. The IIN allows member banks to exchange information related to international payments on a blockchain. Up until this point, most of the members of the network have been smaller banks and clients of JPMorgan. JPMorgan head of payments Takis Georgakopoulos said:

"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 prerequisite for the success of the network."