Commonwealth Bank Accesses NameCheck on JPMorgan’s Liink Blockchain
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Australian Commonwealth Bank said it would be the first bank in the country to assist in validating the details of bank accounts used to receive funds in Australia. For this initiative, the company plans to use a unique tool called NameCheck on Liink, a network designed by J.P. Morgan.
The NameCheck utilizes payment data to reveal account details and confirm their correctness. In 2023, the bank launched the tool for its retail and business clients. It plans to expand the tool’s reach to several payment types.
Commonwealth Wants To Enable The Use Of Namecheck In Several Payments
JPMorgan introduced Liink in 2017. The company used blockchain technology to build the network, enabling financial institutions to share data privately. The financial firm said more than 75 financial institutions currently use the network. They have processed more than 60 million messages and are still counting.
The bank is focused on introducing new banking partners from different international regions to join the application Confirm. This application acts as a validator on the Liink network. Last year, JPMorgan merged Confirm with Visa’s B2B Express blockchain. It said Deutsche Bank is one of the founders of Confirm in Europe, Africa, and the Middle East.
Confirm enables institutions to ensure account information is correct before releasing funds. This move aims to reduce the rate of unprocessed payments due to missing or incorrect information.
It also decreases the activities of scammers by first accessing accounts used to send money and ensuring that the account is the right one provided by the sender of the funds.
JPMorgan Aims To Bring In New Founding Member Banks
JPMorgan said it wants to introduce financial institutions from Latin America, North America, and Asia–Pacific as founding members. It plans to expand its network to over 35000 banks and over two billion accounts.
The Group Executive of Business Banking of Commonwealth, Mike Vacy-Lyle, said the evaluation shows a significant step forward in lessening the impact of payment mistakes and scams. Commonwealth Bank aims to enhance users’ trust in payments.
Mike said financial institutions across several sectors and jurisdictions require a comprehensive and unified approach in their payment initiatives. He showcased Commonwealth’s initiative to test its innovative technology NameCheck on JPMorgan’s Liink. Mike believes the move will solve the problems fraudsters bring to the payment sector.
Liink and other similar networks based on blockchain offer numerous advantages. These networks can prevent vital information from being altered or meddled with.
