JPMorgan, Visa Teams Up On Cross-border Blockchain Payments

JPMorgan and Visa are collaborating to ease the use of their private blockchain platforms Liink and B2B Connect to facilitate cross-border payments.

iexclusivenews reports that according to Forbes, JPMorgan’s Liink network is specifically developed for cross-border transactions and is available through the bank’s blockchain and payments effort Onyx.

This online news outlet understands that Onyx is a technology that allows financial institutions to communicate financial information and confirm transactions.

Visa’s B2B Connect, a network akin to Liink that was designed for institutional use, has now been connected with Onxy’s Confirm.

Confirm is a product that validates account information and ensures that transacting parties offer true identities and proper information.

However, Confirm, according to Onyx, can verify more than 2 billion bank accounts from 3,500 financial institutions.

JPMorgan is looking for a slew of founding member institutions from around the world, according to Finextra. As it prepares to launch Confirm in ten countries by the end of this year. Moving forward, the bank is expected to launch in 30 nations next year.

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Deutsche Bank, the German financial powerhouse, has also agreed to become a founding member of Confirm.

Confirm’s global head Alex Littleton explained in a public statement that “Confirm’s growth is heavily influenced by network effects.” Adding that, “Naming Deutsche Bank as a founding member, while also establishing interconnectivity to Visa B2B’s blockchain, will accelerate our adoption on a global scale.”

Visa’s collaboration with JPMorgan and its suite of blockchain products appears to be aimed at providing an alternative. To the widely utilized Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system for managing and facilitating cross-border payments.

The concept of cross-border payments has been in the spotlight this week, with the Monetary Authority of Singapore (MAS) saying on Monday that it may look to use blockchain technology to address present challenges, such as speed and cost.

In a keynote speech, Ravi Menon, Managing Director of the Monetary Authority of Singapore, stated that the current condition of cross-border payments is “unfit for the twenty-first century,” adding:

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“It is slow, costly, opaque, and inefficient, relying on an archaic network of correspondent banks.”

He outlined that the expansion of “private sector blockchain-based payment networks” could be one of the possible ways to solve this.

However, iexclusivenews Nigeria reports that this week, XRP creators Ripple Labs made moves with its cross-border payments product On-Demand Liquidity (ODL).

On October 11, it announced collaborations with payments firm Lemonway and money transfer provider Xbaht to allow crypto payments to consumers in France, Thailand, and Sweden via the ODL network.