J.P. Morgan to use blockchain for better money transfers

13 aprilie 2021

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.


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.

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Nic Balaceanu – CEO & fondator Lendrise Marketplace

„40% dintre romani nu au un cont bancar. Sa nu uitam ca din cei 4,5 mil. de romani la Biroul de Credit numai jumatate sunt eligibili pentru un credit bancar. Ceilalti isi pot lua un credit non-bancar sau nu-si pot lua absolut niciun credit.” 

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In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?