The Commonwealth Bank of Australia (CBA) is set to be the first Australian bank to implement its NameCheck technology for international payments through Liink by J.P. Morgan. This initiative aims to combat global scams and erroneous payments.
Partnerships provide insurers with the key to unlock cybersecurity opportunities
Liink by J.P. Morgan, developed by J.P. Morgan’s blockchain unit Onyx, is a secure network facilitating peer-to-peer information exchange among global financial institutions. Liink's Confirm application is designed for global account validation. By integrating CBA's NameCheck technology, the network will enhance its ability to verify bank account details used in international payments to Australia.
CBA’s NameCheck technology, available since 2023, uses advanced algorithms and payment data to verify the accuracy of account details. It has been made available to external organizations via API to protect against scams and mistaken payments.
This collaboration with Liink follows successful domestic pilots of CBA’s anti-scam technology, which have prevented millions of dollars in misdirected payments and fraud. CBA’s Group Executive of Business Banking, Mike Vacy-Lyle, emphasized the significance of this pilot in curbing global scams and increasing trust in the payment system. “Enabling our NameCheck technology on Liink by J.P. Morgan is a major step in addressing scams and mistaken payments,” Vacy-Lyle stated.
Umar Farooq, CEO of Onyx by J.P. Morgan, highlighted the increasing threat of failed and fraudulent payments. “Partnering with CBA to enable their NameCheck technology cross-border is pivotal for better user protection and market growth,” Farooq said.
Liink by J.P. Morgan ensures secure, sovereign, and private information sharing through a private, permissioned blockchain network. The Confirm service allows real-time global validation of payee information, aiming to reduce fraudulent payments.
This pilot marks a significant advancement in enhancing the security and efficiency of international payments, setting a new standard for combating financial fraud globally.
