JP Morgan has announced the launch of Liink, a rebadging of its blockchain-based Interbank Information Network (IIN), alongside new applications around payment information validation.
Liink, originally launched in 2017, is aimed at utilising blockchain technology to alleviate delays in cross-border payments. The company says more than 400 financial institutions have signed up to participate, as well as more than half of the world’s top 50 banks across 78 countries.
The two new applications are called Confirm and Format. Confirm allows for validation of account information prior to initiating a payment, to potentially help reduce fraud, as well as reduce operating costs related to payment instruction errors. Format enables the ability to check whether a payment message accurately fits to key country- and currency-specific information requirements.
Liink will fit into Onyx by JP Morgan, which is a new business unit dedicated to next-generation payments.
“We have been listening to our clients and are delivering solutions with speed,” said Christine Moy, global head of Liink. “We’re excited about this next phase of growth and we intend to bring additional next-generation products and services to Liink participants in the coming months.”
In August, it was confirmed that JP Morgan was selling its Ethereum variant Quorum to ConsenSys, with the financial giant also making a strategic investment in ConsenSys ‘to support its mission to help developers build next-generation networks and enable enterprises to launch more powerful financial infrastructure.’
You can find out more about Liink here.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.