News and resources on cyber and physical threats to banks and fintechs worldwide.
CBA pilots NameCheck technology on JPMorgan's Liink blockchain

CBA pilots NameCheck technology on JPMorgan's Liink blockchain

Commonwealth Bank of Australia is to help validate bank account details used in international payments to Australia by integrating its NameCheck technology with JPMorgan's blockchain network Liink.

CBA’s NameCheck applies available payment data to give an indication of whether the account details provided look right. CBA introduced NameCheck to its retail and business customers in 2023 and is progressively rolling it out to further payment types and scenarios.

Founded in 2017, JPMorgan's Liink is an information sharing network built on a private, permissioned blockchain. It currently has 75+ global participants that are live on the network and has so far processed 60m+ messages.

The US bank has been looking for international banking partners in key regions to join its bank account validation application Confirm on Liink. The bank last year struck a deal to establish connectivity between Confirm and Visa's B2B Express blockchain and signed Deutsche Bank as as a founding member for the product in Emea.

Confirm allows 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 so participants know beforehand if the instructed beneficiary matches the owner of the account they are paying.

The US bank is looking to recruit founding member banks across Apac, Latam and NAMR with the aim of growing its coverage to span across 35000 banks and more than two billion accounts.

Commonwealth Bank’s group executive business banking, Mike Vacy-Lyle, says the pilot is a significant step to curbing the global impact of scams and mistaken payments, and creating more trust around payments generally.

“We firmly believe a coordinated, whole-of-ecosystem approach is required across institutions operating in various sectors and jurisdictions," he says. "Our move to pilot our NameCheck technology on Liink by JPMorgan is a big step forward in addressing the impact of scams.”

Comments: (0)