JPMorgan, a leading global bank, has announced a collaboration with the Commonwealth Bank of Australia to integrate the latter’s NameCheck technology into its blockchain network Liink. This move will help validate bank account details used in international payments to Australia. NameCheck uses payment data to assess the accuracy of provided account details.
Liink is an information sharing network based on a private, permissioned blockchain that was established in 2017. With over 75 global participants currently active on the network and over 60 million messages processed so far, Liink has been seeking international banking partners in key regions to join its bank account validation application Confirm on Liink. Confirm allows institutions to validate account information before making a payment, reducing payment returns and minimizing fraudulent activities.
JPMorgan is looking to recruit founding member banks across regions like Apac, Latam, and NAMR as it seeks to expand its coverage and have a network that spans over 35,000 banks and covers more than two billion accounts. The goal is to have a collaborative effort that will help combat global scams and erroneous payments, ultimately building trust in the payment ecosystem.
Mike Vacy-Lyle, Commonwealth Bank’s group executive for business banking, emphasizes the importance of collective efforts across institutions, sectors, and jurisdictions to address these issues. The partnership with JPMorgan to pilot the NameCheck technology on Liink is seen as progress towards reducing the impact of scams and enhancing trust in payment processes.
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