With rejected and returned payments being rife within the Taiwanese banking sector, banking giant JPMorgan Chase & Co. has taken the route of testing a blockchain solution known as ‘Confirm’ with a series of large Taiwan-based banks.
Confirm, when used in tandem with JPMorgan’s own clearing solution, ‘PayDirect’, will allow these banks to confirm a recipients’ account information ahead of making payments with almost zero delay.
This is a welcome change to many due to the reliance on blockchain authentication adding an extra layer of concrete security.
This news comes hot off the heels of JPMorgan’s previously announced partnership with India’s largest bank, the State Bank of India (SBI). The SBI is to begin utilising JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs. This process has been dubbed ‘Liink’.
Much like Confirm, Liink utilises a fork of the Ethereum blockchain in order to greatly reduce the speed of certain transfers — in this case, cross-border transfers specifically. Deputy managing director of SBI, Venkat Nageswar, had this to say about the state-run bank’s new partnership:
“We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients(...)”
These moves by the worldwide banking giant are another key indicator of wider-spread adoption of blockchain-analogue solutions across the financial sector, and would lead many to believe that competitors will seek to launch similar solutions throughout the globe.