By Andrei Skvarsky.
Australia’s Commonwealth Bank (CBA or CommBank) has announced it will test an anti-scam and mistake-proofing technology internationally in a pilot project via Liink, a blockchain-based system developed by J.P. Morgan, after the domestic use of the tech helped save “millions of dollars” for CBA clients.
Liink is a global network for private information exchange between banks and other financial services organisations developed by J.P. Morgan’s Onyx unit. As the system is based on blockchain, information put into it cannot be altered.
The pilot project would involve Liink enabling NameCheck, an account validation technology launched by CBA for both retail and business customers in 2023, to examine payments to Australia, according to a statement from the Melbourne-based bank.
NameCheck, which makes a validity inspection of a payee’s account details, has helped prevent domestic clients of CBA from losing “millions of dollars in misdirected payments and scams” and has been shared by the bank with other organisations via application programming interfaces, the statement said.
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