JPMorgan Chase is working with twelve Taiwanese banks to test a solution on the Confirm blockchain to reduce rejected or bounced payments.
According to JPMorgan, the American financial holding has begun testing the solution on the Confirm blockchain. A pilot project is being carried out with twelve Taiwanese banks, including CTBC Bank, Taiwan Cooperative Bank and First Commercial Bank, to transfer money to Indonesia using JPMorgan PayDirect clearing solution.
So far, few technical details are known about the new solution. According to JPMorgan, banks will be able to request and receive confirmation of recipient account information in near real time.
JPMorgan has been testing blockchain solutions for a long time to optimize its operations. At the end of 2019, the bank tested a blockchain for tracking cars provided by car dealers as loan collateral in order to prevent the delivery of the same cars on the security.
In early 2020, more than 80 Japanese banks joined the blockchain payment network from the American investment bank JPMorgan – Interbank Information Network (IIN). In addition, at the end of last year, JPMorgan completed an intraday repo transaction using a blockchain-based application that will soon be commercialized.
In February, the State Bank of India (SBI) said it would implement Liink, a blockchain-based solution developed by JPMorgan Chase, to improve cross-border payments.
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