Visa is set to integrate its B2B connect network with JPMorgan’s suit of blockchain-based cross-border payment products.
Traditional finance and payment giants JPMorgan and Visa are teaming up to streamline the use of their private blockchain solutions Liink and B2B Connect to facilitate cross-border payments.
According to a report from Forbes on October 11, JPMorgan’s Liink is a network specifically designed for cross-border transfers and is provided under the bank’s blockchain and payments initiative Onyx.
For instance, Onyx provides a platform for institutions to share financial information and validate transactions.
Similar to Liink, Visa’s B2B Connect was created for institutional use and has since been integrated with Onxy’s Confirm.
Confirm is a product that validates account information and makes sure that parties to transactions provide accurate information and true identities. Confirm can authenticate more than 2 billion bank accounts at 3,500 financial institutions, according to Onyx.
As it works to launch Confirm in 10 countries by the end of this year, J.P. Morgan is seeking to enlist a number of founding member banks from around the world, according to Finextra’s report from yesterday.
The bank is reportedly planning to roll it out in 30 countries in the coming year. Additionally, German financial giant Deutsche Bank has agreed to join as a founding member.
By partnering with JPMorgan and its suite of blockchain products, Visa appears to be aiming to provide an alternative to the widely used SWIFT messaging system for managing and facilitating cross-border payments.
The Monetary Authority of Singapore (MAS) revealed on Monday that it may look to use blockchain technology to provide solutions to current problems with such payments, including speed and costs. This has put the idea of cross-border payments in the spotlight this week.