Major financial corporations JPMorgan and Visa have teamed up to optimize cross-border payments using their private blockchain networks.
Visa will combine its blockchain network B2B Connect with a similar network from JPMorgan Chase & Co. Forbes reports it.
Integration of private blockchain networks of the two financial giants is intended to optimize cross-border payments. In particular, Visa’s B2B Connect network will use a new tool called Confirm from JPMorgan.
Confirm is a product based on JPMorgan’s Liink that allows users to confirm the validity of personal information in their accounts. This will ensure that parties involved in transactions are providing authentic information.
Confirm has access to data from more than 3,500 financial institutions with over 2 billion bank accounts. The technology, like the Liink blockchain network, was developed as part of the Onyx Digital Assets project launched by JPMorgan in late 2020.
According to Alex Littleton, Head of Confirm, the collaboration between JPMorgan and Visa could result in an innovative product in the future that would provide reliable and fast cross-border blockchain payments. Such a product could compete with SWIFT.
About ten countries are expected to be connected to Confirm by the end of this year, and 30 more will be added in 2023. Deutsche Bank, Germany’s biggest financial conglomerate, is already among the partners.
The news about the cooperation of the financial giants sounded against the background of SWIFT’s active efforts to ensure cross-border payments using central bank digital currencies (CBDC), which have led to significant results in this area. A collaboration between SWIFT and the Chainlink blockchain network will provide protocol users with simultaneous access to traditional and cryptocurrency assets.
