Deutsche Bank joins Interbank Information Network
There are more than 300 banks on the peer-to-peer (P2P) platform, which is based on blockchain technology.
The network enables members to exchange real-time information on cross-border payments, to improve the ancillary payments process and assist in investigation cases.
With the partnership, the bank expects to see faster investigations and reduced costs for cross-border payments.
Ole Matthiessen, Deutsche Bank’s global head of cash management, says: “The potential benefit for our clients can be huge when using the IIN – from seamless, real-time and digital case handling to new collaboration capabilities in areas such as know-your-customer (KYC), screening and fraud detection. It will make ancillary payment processes safer and more efficient.”
More than 50 banks are actively using the IIN service currently.