J.P. Morgan and Visa are collaborating to improve cross-border payments by utilizing their private blockchain networks, Liink and B2B Connect.
J.P. Morgan created Liink, originally known as the Interbank Information Network, in 2017 to make cross-border transactions more efficient. Global payments' success depends on correspondent banks cooperating across time zones and currencies.
Liink's account-information validation tool assures that transacting parties offer authentic identities and accurate information. Liink is available through J.P. Morgan's blockchain and payments infrastructure company, Onyx.
B2B Connect, Visa's cross-border payments offering for financial institutions and corporate clients, uses Confirm to authenticate account information. J.P. Morgan said today that Deutsche Bank would join the Confirm product as a founding member to oversee its strategic expansion.
"Network effects heavily influence confirm's growth," Alex Littleton, global head of Confirm, said in a statement.
As blockchain is already used and adopted by many institutions in the world due to blockchain's fast transaction speed to be compared with a traditional cross-border transfer system, which is SWIFT. Blockchain must be the company's network in the future, not only in the technology industry but also in other industries, especially industries involve in economics.
Source: Forbes, J.P Morgan and VISA
