The Commonwealth Bank of Australia is set to implement its innovative NameCheck technology on Liink by J.P. Morgan, marking a significant advancement in the international banking sector. This move establishes CBA as the first Australian bank to validate bank account details for international payments to Australia through the cutting-edge NameCheck technology.
Liink, a groundbreaking platform developed by J.P. Morgan’s blockchain unit Onyx, serves as a secure channel for the seamless exchange of information among global financial services organizations. At the core of Liink lies the Confirm application, which facilitates global account validation, ensuring secure and efficient transactions.
CBA’s pilot initiative involves sharing limited payee account data via the NameCheck technology on the Liink network. This strategic collaboration aims to enhance security and streamline the process for global banks involved in processing payments to Australia.
NameCheck leverages state-of-the-art technology and CBA’s comprehensive payment data to authenticate account details, effectively safeguarding against fraudulent activities and erroneous payments. Scheduled for rollout in 2023, NameCheck is designed to support various payment types and is accessible to external organizations through an Application Programming Interface (API).
Mr. Mike Vacy-Lyle, CBA’s Group Executive Business Banking, emphasized the significance of this pilot project in the ongoing battle against scams and in fortifying trust in payment systems. He stated, “Scams pose a substantial threat on a global scale, and a unified approach across institutions is imperative.”
Mr. Umar Farooq, CEO of Onyx by J.P. Morgan, underscored the pivotal role of this collaboration in curbing the incidence of unsuccessful and deceitful payments. He expressed his excitement in partnering with CBA, highlighting the joint effort to safeguard users and cultivate growth in the market.
Liink operates on a private, permissioned blockchain network, ensuring data sovereignty, security, and privacy, while also preventing tampering and upholding transparency. The Confirm service sits at the core of Liink, providing real-time validation of payee information on a global scale, with the aim of minimizing fraudulent payments.
This alliance signifies a significant leap forward in addressing the global menace of payment scams through the implementation of groundbreaking technology. It sets a benchmark for proactive collaborations between financial institutions to bolster the integrity and security of international payment processes.