J.P. Morgan And Visa Bridge Their Private Blockchain Networks For Cross-border Payment
J.P. Morgan and Visa are collaborating to make cross-border payments easier by connecting their private blockchain networks, Liink and B2B Connect.
B2B Connect, Visa’s cross-border payments offering for financial institutions and corporate clients, uses Confirm to authenticate account information. J.P. Morgan said today that Deutsche Bank would join the Confirm product as a founding member to oversee its strategic expansion.
Confirm is Liink’s account-information validation tool, ensuring that transacting parties give legitimate identities and accurate information. Alex Littleton, global head of Confirm, said in a statement to Forbes:
“Confirm’s growth is heavily influenced by network effects. Naming Deutsche Bank as a founding member, while also establishing interconnectivity to Visa B2B’s blockchain, will accelerate our adoption on a global scale.”
J.P. Morgan is searching for a slew of founding member banks throughout the world, according to Finextra, as it prepares to launch Confirm in ten countries by the end of this year. Moving ahead, the bank is expected to launch in 30 nations next year.
Visa’s collaboration with J.P. Morgan and its suite of blockchain products appears to be aimed at offering an alternative to the widely utilized Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system for managing and facilitating cross-border payments.
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