The Commonwealth Bank (CBA) is set to become the first Australian bank to validate international payment account details using its advanced NameCheck technology on Liink by J.P. Morgan.
The initiative aims to increase security and efficiency for global banks processing payments to Australia.
Liink by J.P. Morgan, a network developed by J.P. Morgan’s blockchain business unit Onyx, facilitates secure and private information exchange between global financial services organisations. Its Confirm application enables the exchange of global account validation information, helping to prevent failed and fraudulent payments.
CBA’s pilot involves sharing limited payee account data through its NameCheck technology on the Liink network.
NameCheck, introduced to CBA’s retail and business customers in 2023, uses advanced technology and payment data to verify account details, protecting against scams and mistaken payments.
Mike Vacy-Lyle (pictured above), CBA’s group executive business banking, highlighted the significance of this pilot.
“We are delighted to enable our NameCheck technology on Liink by J.P. Morgan, in an effort to combat scams and mistaken payments,” Vacy-Lyle said in a media release. “Scams are a significant threat to customers and businesses not just here in Australia, but globally.”
Umar Farooq, co-head global payments sales and CEO of Onyx by J.P. Morgan, expressed enthusiasm about the collaboration.
“We developed Onyx and its Liink network to bring the ecosystem together to solve payment-related issues in a collaborative way by first breaking down data silos,” Farooq said. “We are excited to work with CBA to enable their NameCheck technology on a cross-border basis.”
Liink’s blockchain-based network ensures information sovereignty, security, and privacy. It prevents tampering and provides transparency on data sharing, allowing network participants to exchange data privately while maintaining control.
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