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CBA tests NameCheck technology on JPMorgan’s Liink blockchain
The Commonwealth Bank of Australia will help validate bank account details used in international payments to Australia by integrating its NameCheck technology with JPMorgan Liink’s blockchain network.
CBA’s NameCheck applies available payment information to provide an indication of whether the account details provided appear correct. CBA introduced NameCheck to its retail and corporate customers in 2023 and is progressively expanding it to other payment types and scenarios.
Founded in 2017, JPMorgan’s Liink is an information-sharing network built on a private, permissioned blockchain. It currently has over 75 active global participants on the network and has processed over 60 million messages to date.
The US bank is looking for international banking partners in key regions to join its confirm bank account validation application on Liink. The bank last year reached an agreement to establish connectivity between the confirm blockchain and Visa’s B2B Express and signed Deutsche Bank as a founding member of the product in EMEA.
Confirmation allows institutions to securely validate account information before sending a payment, ensuring fewer payment returns due to missing or incorrect information and mitigating fraudulent activity by pre-validating account information so that participants know in advance whether the designated beneficiary corresponds to the owner of the account they are paying.
The US bank is looking to recruit founding member banks in Apac, Latam and NAMR with the aim of expanding its coverage to include 35,000 banks and more than two billion accounts.
Mike Vacy-Lyle, general manager of business banking at the Commonwealth Bank, says the pilot represents a significant step towards curbing the global impact of scams and incorrect payments and building greater confidence in payments generally.
“We strongly believe that a coordinated and comprehensive ecosystem approach is needed across institutions operating across sectors and jurisdictions,” he says. “Our move to pilot our NameCheck technology on JPMorgan’s Liink is a big step forward in addressing the impact of rip-offs.”