Fraud platform integrates JPMorgan’s blockchain solution to verify vendor banking data

Fraud prevention platform Trustpair on October 1 introduced the mixing of funding financial institution JPMorgan’s blockchain-based answer Verify to confirm checking account data.

Verify is a closed community for international account validation data constructed on Liink, the enterprise-grade, permissioned and personal blockchain developed by JPMorgan’s Onyx division.

Gloria Wan, Government Director at Onyx by JP Morgan, acknowledged that Verify was based to offer collective intelligence to enhance choice making for companies. She added:

“Firms function in a goal=”_blank” rel=”noopener”>Jamie Dimon, who calls Bitcoin a fraud.

In 2019, the funding financial institution launched its personal cryptocurrency – the JPM Coin – for large-scale funds between establishments. A 12 months later, JPMorgan launched its blockchain-focused Onyx unit.

JPMorgan carried out its first transaction on a public blockchain in November 2022. The financial institution issued 100,000 Singapore {dollars} and exchanged it for Japanese yen with SBI Digital Asset Holdings on the Polygon blockchain utilizing a forked model of main cash market Aave.

In keeping with Onyx’s web site, JPMorgan now affords three completely different main merchandise that use blockchain along with Liink. Coin Programs is a bank-centric switch and clearing answer utilizing JPM Coin.

Blockchain Launch is a crew inside the Onyx unit that gives blockchain service to JPMorgan’s purchasers, whereas Onyx Digital Belongings is the funding financial institution’s tokenization platform.