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Wallstreet Blockchain Alliance Weekly updated 9/15/2019
https://www.jpmorgan.com/global/treasury-services/IIN?mc_cid=e444dd0f1f&mc_eid=6534d672d6
On the news front, the article published by The Block (citing Financial Times), which noted that Deutsche Bank recently joined competitor JPMorgan's Interbank Information Network. For those not in the know, the IIN is a blockchain-based network whose function is "minimizing friction in the cross-border payments process...enabling payments to reach beneficiaries faster and with fewer steps". Or so says the website. How very blockchain-esque. A couple of things of interest here. First is the fact that Deutsche Bank, a competitor (give or take) of JPM, has joined this network. For the most part, IIN participants have up to this point been minor players in the overall banking ecosystem. And none was a threat, nor bluntly a concern, for JPM. But adding Deutsche is a different kettle of fish. It tells us that this platform has been vetted, tested and critiqued enough to allow JPM to feel comfortable letting Deutsche in. That they have reached a governance model that makes strategic sense.
The other interesting, and we suspect slightly lost aspect, has been that IIN has been in pilot mode since 2017 and...that it's based on JPM's Quorom platform. That's right. Quorom is growing up. And slowly but surely expanding its reach. One wonders how the other platforms "designed for financial markets" will keep up.
All of that said, given Deutsche Bank's woes of late we suspect they were more than happy to be distracted by some innovation. Just our opinion.
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