Commonwealth Bank of Australia (CBA) is set to enhance the validation of bank account details for international payments to Australia by integrating its NameCheck technology with JPMorgan’s blockchain network, Liink.
CBA’s NameCheck utilizes available payment data to assess the accuracy of provided account details. Initially introduced to retail and business customers in 2023, CBA is expanding NameCheck’s application to accommodate a wider range of payment types and scenarios.
JPMorgan’s Liink, established in 2017, is an information-sharing network built on a private, permissioned blockchain. It currently features over 75 global participants and has processed more than 60 million messages to date.
The US bank is actively seeking international banking partners in key regions to join its bank account validation application, Confirm, on Liink. Last year, JPMorgan entered into a partnership to link Confirm with Visa’s B2B Express blockchain and welcomed Deutsche Bank as a founding member for the European, Middle Eastern, and African (EMEA) region.
Confirm enables institutions to securely verify account information before processing a payment, which helps reduce the incidence of payment returns caused by incorrect or missing information and mitigates the risk of fraudulent activity by confirming that the intended beneficiary matches the account holder.
JPMorgan aims to recruit founding member banks across the Asia-Pacific (APAC), Latin America (LATAM), and North America (NAMR) regions, with a target of extending its coverage to include 35,000 banks and over two billion accounts.
CBA’s group executive of business banking, Mike Vacy-Lyle, stated that the pilot program represents a significant advancement in combating global scams and erroneous payments, while fostering greater trust in payment systems. He emphasized the necessity of a coordinated, comprehensive ecosystem approach across various sectors and jurisdictions, highlighting that implementing NameCheck technology on Liink is a pivotal step in addressing the challenges posed by fraudulent activities.