JPMorgan Testing Blockchain Solution to Improve Transfers With Taiwanese Banks
The solution, called “Confirm,” will enable participating banks to confirm recipients’ account information ahead of making payments in near-real time.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6UE7MOHJ6NHMTMPKFYDO42IOKA.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
JPMorgan launched a blockchain solution that aims to reduce the number of rejected or returned payments.
- The U.S. banking giant said Monday it is testing the solution “Confirm” with 12 banks in Taiwan including CTBC Bank, Taiwan Cooperative Bank and First Commercial Bank for money transfers to Indonesia using JPMorgan’s clearing solution “PayDirect.”
- The banks will be able to request and receive confirmation of beneficiaries’ account information in near-real time, according to JPMorgan’s announcement.
- This latest move shows JPMorgan bucking the trend among enterprise blockchain builders, where concrete evidence of progress has tended to be thin on the ground.
- This is also positive for Ethereum hub Consensys, which incorporated the bank-grade Quorum blockchain that JPMorgan engineers built back in 2017.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.