JPMorgan’s blockchain network Liink has partnered with the Commonwealth Bank of Australia to validate bank account details used in international payments to Australia. This partnership involves integrating CBA’s NameCheck technology with JPMorgan’s Liink network.
NameCheck is a tool that uses available payment data to assess whether the provided account details appear correct. Initially introduced to CBA’s retail and business customers in 2023, NameCheck is now being gradually implemented for various payment types and scenarios.
JPMorgan’s Liink network, established in 2017, is an information sharing platform built on a private, permissioned blockchain. With over 75 global participants currently active on the network, Liink has processed over 60 million messages to date. The network’s aim is to provide a secure environment for banks to share and validate account information before processing payments, reducing the risk of errors and fraud.
Mike Vacy-Lyle, Commonwealth Bank’s group executive of business banking, emphasizes the importance of collaboration and a comprehensive approach in combating scams and errors in the global payments ecosystem. The pilot program with JPMorgan’s Liink network represents a significant step towards enhancing trust and security in international payments by leveraging technology to prevent fraudulent activities.
