JPMorgan Chase and Visa combine their global private blockchain networks, Liink and B2B Connect
As reported by Finextra, Visa will collaborate with JPMorgan on blockchain connectivity. Namely, Visa B2B Connect will use Liink’s new tool Confirm to validate new accounts for cross border payments and approve accounts while onboarding.
JPMorgan’s Liink currently has 75+ global participants live on the network and has so far processed 60m+ messages. Confirm allows institutions to safely validate account information before sending a payment. The tool ensures fewer payment returns due to missing or incorrect information. Besides, it mitigates fraud risks by pre-validating account information.
JPMorgan launched Confirm in pilot mode last year. It has already signed Deutche Bank as a founding member for the product in Emea. Now, the US bank is looking to recruit founding member banks across Apac, Latam and NAMR. It intends to grow the coverage across 35000 banks and more than two billion accounts.
The service is expected to go live in ten countries by the end of the year and increase its presence to over 30 countries in 2023.