Fraud platform integrates JPMorgan’s blockchain answer to confirm vendor banking knowledge

Fraud prevention platform Trustpair announced the combination of funding financial institution JPMorgan’s blockchain-based answer Affirm to confirm checking account data on Oct. 1.

Affirm is a closed community for world account validation data constructed on Liink, the enterprise-focused permissioned and personal blockchain developed by JPMorgan’s Onyx division.

Gloria Wan, Government Director at Onyx by J.P. Morgan, said that Affirm was created to supply collective intelligence to enhance decision-making for firms. She added:

“Companies function in a data-driven world, but many nonetheless depend on inaccurate vendor and cost knowledge when making high-value transactions, which considerably raises firms’ danger of fraud, cost errors, and delays.”

Consequently, Trustpair’s over 200 clients — together with firms corresponding to Societe Generale, Decathlon, and Danone — can now confirm vendor financial institution accounts throughout 15 world markets, decreasing the danger of cost fraud and cost delays.

Trustpair’s co-founder and CEO, Baptiste Collot, added that making use of JPMorgan’s blockchain answer will set a better customary for fraud prevention and person expertise.

Increasing blockchain entrance

JPMorgan’s stance in direction of the blockchain trade has modified significantly since 2017, when the lender’s CEO, Jamie Dimon, known as Bitcoin a fraud.

In 2019, the funding financial institution launched its personal crypto — the JPM Coin — for wholesale funds between establishments. One yr later, JPMorgan launched its blockchain-focused Onyx unit.

JPMorgan executed its first transaction on a public blockchain in November 2022. The financial institution issued and swapped 100,000 Singaporean {dollars} for Japan’s yen with SBI Digital Asset Holdings on the Polygon blockchain utilizing a forked model of the main cash market Aave.

In keeping with Onyx’s website, JPMorgan now offers three totally different main merchandise leveraging blockchain moreover Liink. Coin Techniques is a bank-focused answer for switch and clearing that leverages JPM Coin.

Blockchain Launch is a crew inside the Onyx unit that gives blockchain service to JPMorgan’s purchasers, whereas Onyx Digital Property is the funding financial institution’s tokenization platform.

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