Insight & Analysis

Press release: J.P. Morgan’s Confirm, blockchain-based account validation service, is growing and expanding

Published: Oct 2022

11th October 2022 – This morning, we’re announcing recent success of our Confirm application – it’s based on blockchain and part of J.P. Morgan’s Onyx business.

Some background – you may remember, we launched the Liink business – then called Interbank Information Network – in 2017, the world’s first bank-led, production-grade, peer-to-peer blockchain network. One of the applications that came out of Liink is Confirm, a global account information validation tool that allows participants to confirm account information and receive responses in near-real time with those other participants on the network. It’s growing fast and we’re announcing some stats around it’s growth for the first time. We’re also announcing collaborations with VISA and Deutsche Bank on the tool.

Confirm’s recent success
  • Confirm, a business powered by J.P. Morgan’s Liink network, today announces its bank account validation product will grow its reach to account data from nearly 3,500 banks
  • One year after its pilot launch, the service is expected to be live in 10 countries in 2022, and projected to increase its presence in over 30 countries in 2023.
DB becomes a Founding member
  • Founding Members are a group of global banks that guide Confirm’s strategic expansion
  • Deutsche Bank and J.P. Morgan believe that industry wide challenges, like payment returns and fraud, can be effectively solved through stronger collaboration amongst the banking community
  • Deutsche Bank and J.P. Morgan will strengthen their account validation services by leveraging Confirm’s expansive global network of bank account data
VISA B2B adoption
  • Visa and J.P. Morgan Chase will be utilizing Confirm to establish connectivity between their global, private blockchain networks – Liink and Visa B2B Connect.
  • Visa B2B Connect is an innovative global multilateral network which delivers secure, predictable and cost-effective cross-border payments for financial institutions and their corporate clients.
  • Visa B2B Connect will use Confirm to validate new accounts for cross border payments and to validate accounts when new users onboard to the Visa B2B Connect platform which is available in 100+ markets
Quotes from Senior Leadership of Liink & Confirm
  • “Blockchain has led to a more interconnected world, and Liink has harnessed this technology to power new businesses like Confirm” states Sushil Raja, Global Head of Liink.
  • “Confirm’s growth is heavily influenced by network effects. Therefore, naming Deustche Bank as a Founding Member, while also establishing interconnectivity to VISA B2B’s blockchain, will accelerate our adoption on a global scale” said Alex Littleton, Global Head of Confirm.
About the Confirm service
  • Confirm leverages an unique distributed data strategy, empowering institutions to share data internationally without having to compromise security and privacy.
  • Confirm allows institutions to safely validate account information prior to sending a payment and unlock new revenue streams, leading to improved payments efficiency and reduced counterparty risk.
    • Reduce the occurrence of payment returns due to incorrect payment information by validating account information in advance. Decrease operating costs and improve straight-through processing rates with confidence that the payment will reach the intended end client.
    • Mitigate fraudulent activity by pre-validating account information so participants know beforehand if the instructed beneficiary matches the owner of the account they are paying.
  • Today’s users can also commercialize the service by reselling the Confirm API to corporate clients.
Significance of Deals
  • Fraudulent activity is prevalent across all international markets, and Confirm’s adoption by financial institutions demonstrate that this issue is now a collaborative focus to enable safer value transfer.
  • Confirm’s success is more evidence of how blockchain technology can unite a global market and fundamentally disrupt the future of payments by increasing efficiencies.
About Liink
  • Liink is an information exchange network that enables seamless payment-related data sharing between institutions
  • Liink currently has 75+ global participants that are live
  • Liink has successfully processed 60m+ messages
  • Currently live, Deutsche Bank has become a founding member of Confirm in the EMEA region. Founding members are being contracted across APAC, LATAM and NAMR. By the end of the year, the service will grow its coverage to span across more than 3,500 banks, covering more than 2 billion accounts.
  • Now, developers, FinTechs and other institutions can also bring their ideas to life via third party applications that leverage the power of the global, permissioned, and blockchain-based Liink platform

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