JPMorgan Chase and Visa are to establish connectivity between their global private blockchain networks, Liink and B2B Connect.
Under the collaboration Visa B2B Connect will utilise Confirm, a new tool from Liink to validate new accounts for cross border payments and to approve accounts when new users onboard.
Confirm allows institutions to safely validate account information prior to sending a payment, ensuring fewer payment returns due to missing or incorrect information, and mitigating against fraudulent activity by pre-validating account information so participants know beforehand if the instructed beneficiary matches the owner of the account they are paying.
JPMorgan launched Confirm in pilot mode last year and has just signed Deutche Bank as a founding member for the product in Emea. The US bank is looking to recruit founding member banks across Apac, Latam and NAMR with the aim of growing its coverage to span across 35000 banks and more than two billion accounts.
The service is expected to be live in 10 countries by end-2022, and projected to increase its presence in over 30 countries in 2023.
Alex Littleton, global head of Confirm, says: "Confirm’s growth is heavily influenced by network effects. Therefore, naming Deustche Bank as a founding member, while also establishing interconnectivity to Visa B2B’s blockchain, will accelerate our adoption on a global scale.”
Founded in 2017, JPMorgan's Liink currently has 75+ global participants that are live on the network and has so far processed 60m+ messages.