Deutsche Bank is testing a blockchain technology that it believes could one day change the way its clients do business.
The bank said Tuesday that it will launch its blockchain platform as early as this month.
It will allow clients to transfer money and hold it in escrow.
Deutsche Bank’s chief executive officer, Jim Schiller, said in a speech to investors that the blockchain will also enable the bank to build a better customer experience.
“The blockchain is going to be a game changer,” he said.
The blockchain allows for more efficient payment and exchange, a new approach to managing risk, he said in an interview with Bloomberg TV.
In the interview, Schiller also said that the bank is taking advantage of blockchain technology to boost its overall profitability.
The bank has partnered with bitcoin startup BlockChain, and the blockchain technology could help the bank better manage risks.
BlockChain CEO Lars Møller-Nielsen said in the interview that the company is also working on other blockchain solutions for financial institutions.
He did not specify which ones.
Block Chain will be the first company to integrate blockchain technology into its payments and banking offerings, which will likely come later this year.