JPMorgan has partnered with the Commonwealth Bank of Australia (CBA) to integrate CBA’s NameCheck technology into JPMorgan’s blockchain network Liink. This collaboration aims to validate bank account details used in international payments to Australia. The technology was introduced to CBA’s retail and business customers in 2023 and is being gradually rolled out to various payment types and scenarios.
Liink, established in 2017, is an information sharing network based on a private, permissioned blockchain. 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 part of its efforts to expand its coverage. The goal is to have a network that spans over 35,000 banks and covers more than two billion accounts. This collaboration is seen as a significant step in combating 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 a collective approach 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.
