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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.