Deutsche Bank has joined JPMorgan's Interbank Information Network, a blockchain-based bank network for international payments. Until recently, most of the clients of the IIN were smaller banks or JPMorgan clients, according to a report by Yahoo Finance. 

JPMorgan first launched its blockchain network in 2017 for global payments.

The German bank joined this group to help lower costs of processing payments and offer better services to its customers. Deutsche Bank has had financial trouble recently, since it laid off thousands of its employees earlier in 2019.

JPMorgan on the other hand, hopes that this news will help drive other larger banks to join the blockchain network.

"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," Takis Georgakopoulos, head of payments, JPMorgan, said in the report.