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Commonwealth Bank of Australia to pilot NameCheck solution on JP Morgan’s Liink network

  • 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.

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