The Commonwealth Bank of Australia is set to become the first Australian bank to validate bank account details for international payments to Australia using its advanced NameCheck technology on Liink by J.P. Morgan.
Liink, developed by J.P. Morgan’s blockchain unit Onyx, facilitates secure, peer-to-peer information exchange between global financial services organisations. The Confirm application on Liink allows for global account validation.
CBA will pilot sharing limited payee account data through its NameCheck technology on the Liink network. This initiative aims to enhance security and efficiency for global banks processing payments to Australia.
NameCheck leverages advanced technology and CBA’s payment data to verify account details, protecting against scams and mistaken payments. Introduced in 2023, NameCheck is being rolled out for various payment types and is also available to external organisations via API.
Mike Vacy-Lyle, CBA’s Group Executive Business Banking, emphasised the significance of this pilot in combating scams and fostering trust in payments. “Scams are a significant threat globally. A coordinated approach across institutions is essential,” he said.
Umar Farooq, CEO of Onyx by J.P. Morgan, highlighted the collaboration’s importance in reducing failed and fraudulent payments. “We are excited to work with CBA on this pivotal effort to protect users and grow the market,” he added.
Built on a private, permissioned blockchain network, Liink ensures data sovereignty, security, and privacy, preventing tampering and maintaining transparency. The Confirm service enables real-time global payee information validation, aiming to reduce fraudulent payments.
This partnership marks a significant step forward in addressing the global impact of payment scams through innovative technology.
