JP Morgan is currently testing the use of blockchain technology to improve global funds transfers.
In Brief:
It’s developing the Confirm system to reduce the number of rejected or returned transactions.
It will help validate information almost in real time, so payments can then be sent through PayDirect, the bank’s clearing system.
JP Morgan is currently working with a number of banks in Taiwan to test this solution.
What does this mean?
Confirm is the latest example of a blockchain based development by JP Morgan on its Liink platform. It is currently being tested with transfers between Taiwan and Indonesia, and it’s hoped the system will reduce costs for both banks involved in a transaction.
