JPMorgan and Visa are teaming up for cross-border blockchain payments. Visa intends to integrate its B2B Connect network with JPMorgan's suite of blockchain-based payment products.
Traditional financial and payment giants JPMorgan and Visa are teaming up to make it easier to use their private blockchain solutions Liink and B2B Connect to facilitate cross-border payments. According to an October 11 Forbes report, JPMorgan's Liink is a network specifically designed for cross-border transfers and offered as part of the bank's Onyx blockchain and payments initiative. Onyx provides a platform for institutions to share financial information and verify transactions, explains Cointelegraph.
Visa B2B Connect is a Liink-like network that was created for institutional use and is now integrated with Onyx's Confirm.
Confirm is an account information verification product that ensures the parties to a transaction provide true identities and correct information. Onyx says Confirm can verify more than two billion bank accounts at 3,500 financial institutions.
Finextra reported on October 11 that JPMorgan hopes to attract many founding banks around the world as it works to launch Confirm in 10 countries by the end of this year. In the future, the bank expects to roll out in 30 countries.
German financial giant Deutsche Bank also co-founded 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.”
With Visa teaming up with JPMorgan and its suite of blockchain products, it looks like they are looking to provide an alternative to the commonly used Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system to manage and facilitate cross-border payments.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.