- Pilot Announcement:
- Commonwealth Bank of Australia (CBA) to pilot NameCheck technology on JP Morgan’s Liink network.
- Aims to combat international scams and mistaken payments.
- NameCheck Technology:
- Introduced in 2023 by CBA.
- Verifies the accuracy of account details for payments using CBA’s payment data.
- Available to external businesses via API.
- Currently used by Bendigo Bank and fraud monitoring company Satori.
- Liink Network:
- Developed by JP Morgan’s blockchain-focused business unit, Onyx.
- Enables private peer-to-peer data exchange between global financial institutions.
- CBA to become the first Australian bank to validate bank account details for international payments to Australia through Liink.
- Pilot Details:
- CBA to pilot the sharing of limited payee account data on Liink.
- Aims to increase security and efficiency for global banks processing payments to Australia.
- Aligns with Liink’s Confirm service for global payee information validation.
- Comments from CBA:
- Mike Vacy-Lyle, CBA’s group executive for business banking, emphasizes the global threat of scams.
- Advocates for a coordinated approach across institutions and sectors to enhance security.
Commonwealth Bank of Australia to pilot NameCheck solution on JP Morgan’s Liink network
