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.

AccessTimeIconApr 12, 2021 at 9:48 a.m. UTC
Updated Sep 14, 2021 at 12:38 p.m. UTC

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.

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