The Commonwealth Bank of Australia (CBA) will start using its NameCheck technology to help validate bank account details used in international payments to Australia after inking a deal with J.P. Morgan to trial its private peer-to-peer information and capability exchange technology.
On May 29, 2024, CBA said it would start a pilot trial, sharing limited payee account data through its advanced NameCheck technology on J.P. Morgan’s Liink network. This Australian first is another step towards increasing security and efficiency for global banks processing payments to Australia.
The collaboration with Liink by J.P.Morgan follows other recent domestic pilots of CBA’s anti-scam technology. CBA says it has successfully helped its clients prevent millions of dollars in misdirected payments and scams since piloting the technology.
Liink by J.P. Morgan is a network that facilitates secure and private peer-to-peer information and capability exchange between global financial services organisations such as banks, credit unions, fintechs, and digital banks.
Built on a private, permissioned blockchain network, Liink by J.P. Morgan enables participants to share information across its network while maintaining the three fundamental properties of information sharing: sovereignty, security, and privacy.
The advantage of a blockchain-based network such as Liink is that it prevents information from being altered or tampered with while ensuring full transparency on who the information is shared with. That means network participants can exchange data privately while maintaining control over who they connect with, how the data is shared, and who can use it. Liink’s Confirm service allows participants to validate payee information globally by facilitating real-time data exchange in an effort to reduce fraudulent payments.
CBA’s NameCheck applies advanced technology and CBA’s available payment data to give an indication of whether the account details provided look right. CBA introduced NameCheck to its retail and business customers in 2023 and is progressively rolling it out to further payment types and scenarios.
“Scams are a significant threat to customers and businesses not just here in Australia, but globally,” said the CBA’s Mike Vacy-Lyle. “We firmly believe a coordinated, whole-of-ecosystem approach is required across institutions operating in various sectors and jurisdictions. Our move to pilot our NameCheck technology on Liink by J.P.Morgan is a big step forward in addressing the impact of scams.”
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