US-based financial services firm J.P. Morgan has announced it will be using blockchain technology to improve its funds transfers solutions for banking institutions globally, according to thepaypers.com.
The new solution called Confirm is expected to help reduce the number of rejected or returned transactions caused by mismatched payment details.
Using the new solution, partner banking institutions, including Taiwan banks, will be able to request confirmation of the beneficiary account information and receive responses directly from other participating banks receiving the requests in near-real time.
Once the information is validated, the payment may be sent through J.P. Morgan’s global clearing solution PayDirect to route the payment. Testing is under way with 12 Taiwan banks for money transfers via PayDirect into Indonesia.
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J.P. Morgan is #1 for Payments in the U.S. for seventh consecutive year, according to March 2021 Nilson Report. In 2020, J.P. Morgan processed more than 27 billion transactions, with a value of $1.4 trillion, on behalf of its clients.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
