Traditional and finance payments company JP Morgan and Visa are expected to enter into a partnership to streamline the use of their private blockchain solutions Liink and B2B Connect for facilitation of cross-border transactions, as reported by Cointelegraph.
According to Cointelegraph, insights from an October report by Forbes showed that JP Morgan’s Liink is a network which has been created for cross-border transactions and is offered on account of the bank’s blockchain and payments initiative Onyx. The platform is responsible for institutions to share financial information and validate transactions. Reportedly, Visa’s B2B Connect is same as Liink for institutional grade usage and has been integrated with Onyx’s Confirm.
On the basis of information by Cointelegraph, Confirm is an account-information validation product which provides transacting parties genuine identities and required information. Onyx has claimed that Confirm is capable of providing verification to more than two billion bank accounts from 3,500 financial institutions. Finextra stated that JP Morgan aims to recruit founding members globally, as it intends to start Confirm in 10 countries by the end of this year, and 30 countries next year.
“Confirm’s growth is heavily influenced by network effects. Naming Deutsche Bank as a founding member, while also establishing interconnectivity to Visa B2B’s blockchain, will accelerate our adoption on a global scale,” Alex Littleton, global head, Confirm, said.
Moreover, Cointelegraph noted that the point of cross-border payments has been of highlight this week, with the Monetary Authority of Singapore (MAS) unveiling that it could look to utilise blockchain technology to provide solutions on prevailing issues such as speed and costs. XRP creators Ripple Labs has initiated action with its cross-border payments product On-Demand Liquidity (ODL).
(With insights from Cointelegraph)
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