Fraud prevention platform Trustpair introduced the combination of funding financial institution JPMorgan’s blockchain-based resolution Affirm to confirm checking account data on Oct. 1.
Affirm is a closed community for international account validation data constructed on Liink, the enterprise-focused permissioned and personal blockchain developed by JPMorgan’s Onyx division.
Gloria Wan, Government Director at Onyx by J.P. Morgan, acknowledged that Affirm was created to offer collective intelligence to enhance decision-making for corporations. She added:
“Companies function in a data-driven world, but many nonetheless depend on inaccurate vendor and fee knowledge when making high-value transactions, which considerably raises corporations’ danger of fraud, fee errors, and delays.”
Consequently, Trustpair’s over 200 prospects — together with corporations reminiscent of Societe Generale, Decathlon, and Danone — can now confirm vendor financial institution accounts throughout 15 international markets, lowering the danger of fee fraud and fee delays.
Trustpair’s co-founder and CEO, Baptiste Collot, added that making use of JPMorgan’s blockchain resolution will set the next customary for fraud prevention and person expertise.
Increasing blockchain entrance
JPMorgan’s stance in direction of the blockchain trade has modified significantly since 2017, when the lender’s CEO, Jamie Dimon, referred to as Bitcoin a fraud.
In 2019, the funding financial institution launched its personal crypto — the JPM Coin — for wholesale funds between establishments. One yr later, JPMorgan launched its blockchain-focused Onyx unit.
JPMorgan executed its first transaction on a public blockchain in November 2022. The financial institution issued and swapped 100,000 Singaporean {dollars} for Japan’s yen with SBI Digital Asset Holdings on the Polygon blockchain utilizing a forked model of the main cash market Aave.
In accordance with Onyx’s web site, JPMorgan now gives three totally different main merchandise leveraging blockchain apart from Liink. Coin Methods is a bank-focused resolution for switch and clearing that leverages JPM Coin.
Blockchain Launch is a crew inside the Onyx unit that gives blockchain service to JPMorgan’s shoppers, whereas Onyx Digital Belongings is the funding financial institution’s tokenization platform.