J.P. Morgan leverages blockchain solution to improve money transfers
Testing is currently under way with 12 Taiwan banks.
J.P. Morgan has unveiled Confirm, a solution making use of blockchain technology to improve money transfer services between banking institutions globally, according to a press release.
The solution will be applied to fund transfers originating from Taiwan banks to beneficiary banks in other markets, and J.P. Morgan expects that Confirm will help reduce the number of rejected or returned transactions caused by mismatched payment details—lowering costs for both the sending and receiving banks.
Testing is currently under way with 12 Taiwan banks, including Taiwan Cooperative Bank, First Commercial Bank, the Shanghai Commercial & Savings Bank, Mega Bank, Taipei Star Bank, Taiwan Shin Kong Bank, CTBC Bank, for money transfers via PayDirect into Indonesia.
Through Confirm— a global account information validation application on the Liink by J.P.MorganSM—partner banking institutions, including Taiwan banks, will reportedly be able to request confirmation of the beneficiary account information and receive responses directly from other participating banks receiving the requests in near-real time.
Once the information is validated, the payment may be sent through J.P. Morgan’s global clearing solution PayDirect to route the payment in the most efficient manner.
Photo taken by Joe Mabel (from Wikimedia Commons)