Trustpair Integrates with JPMorgan’s Blockchain for Enhanced Fraud Prevention
On October 1, the fraud prevention platform Trustpair partnered with JPMorgan to incorporate the bank’s blockchain-powered solution, Confirm, for validating bank account information.
Understanding Confirm and Its Benefits
Confirm operates within a closed network that facilitates global account validation, built on Liink—a private, permissioned blockchain developed by JPMorgan’s Onyx division.
Gloria Wan, Executive Director at Onyx by J.P. Morgan, emphasized the importance of accurate vendor and payment data, stating:
“Businesses operate in a data-driven world, yet many still rely on inaccurate vendor and payment data when making high-value transactions, which significantly raises companies’ risk of fraud, payment errors, and delays.”
Impact on Trustpair’s Clientele
With this partnership, Trustpair’s extensive clientele, including major players like Societe Generale, Decathlon, and Danone, can now verify vendor bank accounts in 15 different global markets. This collaboration aims to significantly diminish the risks associated with payment fraud and delays.
Baptiste Collot, co-founder and CEO of Trustpair, indicated that the adoption of JPMorgan’s blockchain solution will set new benchmarks for fraud prevention and enhance user experience.
JPMorgan’s Evolving Role in the Blockchain Space
JPMorgan’s perspective on the blockchain industry has transformed dramatically since 2017, when CEO Jamie Dimon labeled Bitcoin a fraud.
Key Developments in JPMorgan’s Blockchain Journey
- 2019: Launch of JPM Coin, designed for wholesale payments between financial institutions.
- 2020: Establishment of the Onyx division focused on blockchain innovations.
- November 2022: Successfully completed its first transaction on a public blockchain with SBI Digital Asset Holdings, executing a swap between the Singaporean dollar and Japanese yen using the Polygon platform.
As detailed on Onyx’s website, JPMorgan currently offers three primary blockchain-based products in addition to Liink:
- Coin Systems: A banking solution for transfer and clearing using JPM Coin.
- Blockchain Launch: A dedicated team that offers blockchain services to JPMorgan’s clients.
- Onyx Digital Assets: A platform for tokenization by the investment bank.
