Fraud Prevention Platform Trustpair Integrates JPMorgan's Blockchain Solution Confirm to Verify Bank Account Information
- Susan SarandonOriginal
- 2024-10-02 12:40:20730browse
Gloria Wan, Executive Director at Onyx by J.P. Morgan, stated that Confirm was created to provide collective intelligence to improve decision-making for companies.
Fraud prevention platform Trustpair announced Monday the integration of JPMorgan’s blockchain-based solution Confirm to verify bank account information.
Confirm is a closed network for global account validation information built on Liink, the enterprise-focused permissioned and private blockchain developed by JPMorgan’s Onyx division.
The integration will allow Trustpair’s customers to verify vendor bank accounts across 15 global markets, reducing the risk of payment fraud and payment delays.
According to the announcement, over 200 companies, including Societe Generale, Decathlon, and Danone, currently use Trustpair’s services.
“Applying JPMorgan’s blockchain solution will set a higher standard for fraud prevention and user experience,” Trustpair co-founder and CEO Baptiste Collot said in a statement.
JPMorgan’s stance towards the blockchain industry has changed considerably since 2017, when the lender’s CEO, Jamie Dimon, famously called Bitcoin a fraud.
In 2019, the investment bank launched its own crypto — the JPM Coin — for wholesale payments between institutions. One year later, JPMorgan launched its blockchain-focused Onyx unit.
JPMorgan executed its first transaction on a public blockchain in November 2022. The bank issued and swapped 100,000 Singaporean dollars for Japan’s yen with SBI Digital Asset Holdings on the Polygon blockchain using a forked version of the leading money market Aave.
Besides Liink, Coin Systems is a bank-focused solution for transfer and clearing that leverages JPM Coin, according to Onyx’s website.
Blockchain Launch is a team within the Onyx unit that provides blockchain service to JPMorgan’s clients, while Onyx Digital Assets is the investment bank’s tokenization platform.
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