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JP Morgan to use blockchain for better money transfers

Monday 12 April 2021 14:42 CET | News

US-based financial services firm JP Morgan has announced it will be using blockchain technology to improve its funds transfers solutions for banking institutions globally.

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 JP 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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Keywords: product launch, blockchain, money transfer, banks, JP Morgan
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech