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JPMorgan’s blockchain units have launched a new validation solution called Confirm. It is another small step towards mainstream use of the technology in payments.
Slowly but surely, blockchain is starting to deliver on its hype and work its way into the financial mainstream. On Monday, JPMorgan announced that it is using a blockchain-based account validation application on cross-border payments, using a corridor between Taiwan and Indonesia as a proving ground ahead of a wider rollout.
JPMorgan launched its Liink business – then called Interbank Information Network – in 2017, creating what is now a grouping of more than 400 participants developing peer-to-peer blockchain applications within its Onyx business unit, which houses the bank’s blockchain and digital currency efforts.
One of the applications that has come out of this business is called Confirm, a global account information validation tool that allows participants to seek confirmation of account information and receive responses in near-real time with other participants on the same network. Once validated, a cross-border payment can be sent through another JPMorgan product, the PayDirect clearing solution, which selects the most efficient way to route a payment.
JPMorgan has been testing the product with 12 Taiwanese banks, including large industry players such as CTBC Bank and Mega Bank. On Monday, Bank Negara Indonesia (BNI) announced it was using the technology to assist with money transfers from these Taiwanese banks into Indonesia.
JPMorgan says that the Liink network helped to identify the need.
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