Visa is set to integrate its B2B connect network with JPMorgan’s suit of blockchain based cross-border payment products, reports Cointelegraph.
Traditional finance and payment giants JPMorgan and Visa are teaming up to streamline the use of their private blockchain solutions Liink and B2B Connect to facilitate cross-border payments.
According to an 11 October from Forbes, JPMorgan’s Liink is a network specifically designed for cross-border transfers and is offered under the bank’s blockchain and payments initiative Onyx. Onyx provides a platform for institutions to share financial information and validate transactions.
Visa’s B2B Connect is a similar network to Liink that was built for institutional grade use and has now been integrated with Onxy’s Confirm.
Confirm is an account-information validation product, and ensures that transacting parties provide genuine identities and correct information. Onyx touts that Confirm is capable of verifying more than 2 billion bank accounts from 3,500 financial institutions.
It had been reported that JPMorgan is looking to rope in a host of founding member banks across the globe as it works to launch Confirm in 10 countries by the end of this year. Moving forward, the bank is said to be eying a rollout in 30 countries next year.
German financial giant Deutsche Bank has also signed on to become a founding member of Confirm.