CBA Pilots NameCheck Technology On JPMorgan’s Liink Blockchain
Commonwealth Bank of Australia (CBA) is integrating its NameCheck technology with JPMorgan’s blockchain network Liink to help validate bank account details used in international payments to Australia.
JPMorgan’s Liink is an information sharing network built on a private, permissioned blockchain, with 75+ global participants and processed 60m+ messages.
The US bank is looking for international banking partners in key regions to join its bank account validation application.
Which will allow institutions to safely validate account information prior to sending a payment, ensuring fewer payment returns due to missing or incorrect information and mitigating against fraudulent activity by pre-validating account information.
The US bank is looking to recruit founding member banks across Apac, Latam, and NAMR to grow its coverage to span across 35000 banks and more than two billion accounts.
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