Fraud prevention platform Trustpair announced the integration of investment bank JPMorgan’s blockchain-based solution Confirm to verify bank account information on Oct. 1.
Confirm is a closed network for global account validation information built on Link, the enterprise-focused permissioned and private blockchain developed by JPMorgan’s Onyx division.
Gloria Wan, Executive Director at Onyx by J.P. Morgan, stated that Confirm was created to provide collective intelligence to improve decision-making for companies. She added:
“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.”
As a result, Trustpair’s over 200 customers — including companies such as Societe Generale, Decathlon, and Danone — can now verify vendor bank accounts across 15 global markets, reducing the risk of payment fraud and payment delays.
Trustpair’s co-founder and CEO, Baptiste Collot, added that applying JPMorgan’s blockchain solution will set a higher standard for fraud prevention and user experience.
Expanding blockchain front
JPMorgan’s stance towards the blockchain industry has changed considerably since 2017, when the lender’s CEO, Jamie Dimon, called Bitcoin a fraud.
In 2019, the investment bank launched its own crypto — the JPM Coin — for wholesale payments between institutions. One year later, JPMorgan launched its blockchain-focused Onyx unit.
JPMorgan executed its first transaction on a public blockchain in November 2022. The bank issued and swapped 100,000 Singaporean dollars for Japan’s yen with SBI Digital Asset Holdings on the Polygon blockchain using a forked version of the leading money market Aave.
According to Onyx’s website, JPMorgan now provides three different major products leveraging blockchain besides Liink. Coin Systems is a bank-focused solution for transfer and clearing that leverages JPM Coin.
Blockchain Launch is a team within the Onyx unit that provides blockchain service to JPMorgan’s clients, while Onyx Digital Assets is the investment bank’s tokenization platform.
