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JPMorgan collaborates with Visa Bridge to facilitate cross-border payments

JPMorgan and Visa, two major players in traditional banking and payments, are collaborating to ease the usage of their private blockchain platforms Liink and B2B Connect to enable international payments.

Forbes reported on October 11 that JPMorgan’s Liink is a network specifically made for international transactions and is provided as part of the bank’s Onyx blockchain and payments effort. Institutions can share financial data and validate transactions using a platform provided by Onyx.

Similar to Liink, Visa’s B2B Connect was created for institutional usage and has now been linked with Onxy’s Confirm.

Confirm is a product that validates account information and makes sure that parties to transactions supply accurate information and true identities. Confirm, according to Onyx, can authenticate more than 2 billion bank accounts at 3,500 financial institutions.

As it seeks to introduce Confirm in 10 nations by the end of this year, J.P. Morgan is seeking to enlist a number of founding member banks from around the world, according to Finextra’s article from yesterday. The bank is reportedly planning a rollout in 30 nations for the following year.

The titan of the German financial industry, Deutsche Bank, has also agreed to join Confirm as a founding member.

In a letter to the public, Confirm’s worldwide CEO Alex Littleton said that “Network effects greatly influence Confirm’s growth,” and that “naming Deutsche Bank as a founding member, while simultaneously establishing interconnectivity to Visa B2B’s blockchain, would drive our adoption on a global scale.”

It appears that the partnership between Visa and JPMorgan and its suite of blockchain technologies is intended to provide a substitute for the widely utilised Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system to monitor and facilitate cross-border payments.

The Monetary Authority of Singapore revealed on Monday that it may explore to use blockchain technology to give solutions to the present problems with such payments, including speed and prices. This has put the idea of cross-border payments in the spotlight this week.

In a keynote speech, Monetary Authority of Singapore managing director Ravi Menon stated that cross-border payments are now “not appropriate for the 21st century,” adding that:

“It is slow, costly, opaque, and inefficient, relying on an archaic network of correspondent banks.”

He described how one potential solution would be the growth of “private sector blockchain-based payment networks.”

This week, On-Demand Liquidity (ODL), a cross-border payments platform developed by Ripple Labs, has also made progress. On October 11, it announced collaborations with money transfer service Xbaht and payments company Lemonway, through which the trio will use the ODL network to process cryptocurrency payments for clients in France, Thailand, and Sweden.

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