JP Morgan is working with a group of Taiwan banks to test the use of blockchain technology to improve global funds transfers.
Confirm is a global account information validation application that lets banks request confirmation of the beneficiary account information and receive responses directly in near-real time. Once the information is validated, the payment may be sent through JP Morgan’s global clearing system, PayDirect.
The bank says this should reduce the number of rejected or returned transactions caused by mismatched payment details, lowering costs for both the sending and receiving banks.
Confirm – the latest application on JP Morgan’s blockchain-based Liink – is currently being tested with 12 Taiwan banks for money transfers via PayDirect into Indonesia.
Carl Chien, CEO, Taiwan, JP Morgan, says: “We are delighted that JP Morgan’s leading-edge technology, combined with our global infrastructure, is helping our clients in Taiwan address unique challenges pertaining to cross-border transactions.”