Commonwealth Bank Evaluates NameCheck on JPMorgan’s Blockchain Liink

The Commonwealth Bank of Australia has announced its plan to be the first bank in Australia to assist in validating bank account details for sending money to Australia from other countries. To do this, the company will use a unique tool called NameCheck on Liink by J.P. Morgan.

The Australian bank’s NameCheck uses payment data to check if account details are correct in the bank’s network. In 2023, the bank provided the tool for its business and retail customers. Furthermore, it is currently being extended to various types of payments.

Commonwealth Is Set To Extend The Use Of Namecheck To Several Payments

Liink by JPMorgan was launched in 2017. The network is built using blockchain technology, allowing financial institutions to share private data. According to the latest update, over 75 financial institutions actively participate in the network, processing over 60 million messages.

The US bank has been searching for banking partners from several major international regions to be part of “Confirm,” its validation application on its network Liink. Last year, JPMorgan agreed to connect Visa’s B2B Express blockchain and Confirm. It announced Deutsche Bank as one of the founders of the product in Europe, the Middle, and Africa.

Confirm enables institutions to safely authenticate account information before releasing funds. This initiative aims to lessen the rate of failed payments due to incorrect or missing information. It also reduces the activities of fraudsters by first checking accounts provided for funds transfer and confirming with the senders if the account matches the ones they intend to pay into.

JPMorgan Plans To Introduce New Founding Member Banks

JPMorgan wants to bring financial institutions across Asia–Pacific, Latin America, and North America Region as founding members. It plans to increase its footprint to more than 35000 banks, covering over two billion accounts.

The Group Executive of Business Banking of Commonwealth, Mike Vacy-Lyle, revealed that the pilot signifies a significant step forward in reducing the impact of mistakes and scams in payment. It also shows the bank’s plan to increase users’ trust in payments.

Mike stated that a unified, comprehensive approach is needed across institutions in different jurisdictions and sectors. He highlighted Commonwealth’s initiative to try out its NameCheck technology on JPMorgan’s Liink. He also revealed that the move is set to provide solutions that will address the impact of scams.

According to the latest update, Liink and other blockchain-based networks offer numerous advantages. One of them is that these networks prevent relevant information from being tampered with or altered. This will ensure that the receiver of any information faces no issues.