Commonwealth Bank of Australia to pilot NameCheck solution on JP Morgan’s Liink network
Commonwealth Bank of Australia (CBA) is set to pilot its NameCheck technology on Liink, a network developed by JP Morgan’s blockchain-focused business unit Onyx which enables private peer-to-peer data exchange between global financial institutions, as it looks to help combat international scams and mistaken payments.
CBA to pilot NameCheck on JP Morgan’s Liink network
By enabling the use of its NameCheck technology on Liink by JP Morgan, the CBA says it will become “the first Australian bank to help validate bank account details used in international payments to Australia”.
Introduced in 2023, CBA’s NameCheck solution leverages the bank’s payment data to verify the accuracy of account details when making payments.
The bank says the solution, which it has made available to external businesses via API, aims to “protect more people and businesses from scams and mistaken payments”.
The tech is currently being used by fellow Australian firms Bendigo Bank and fraud monitoring company Satori.
The bank adds it is looking to “pilot sharing of limited payee account data” through NameCheck on the Liink network. “This Australian first is another step towards increasing security and efficiency for global banks processing payments to Australia,” it says.
CBA adds that its solution aligns with Liink’s Confirm service, which allows organisations to validate payee information globally through real-time data exchange.
When discussing the need for this collaboration between CBA and the Liink network, the bank’s group executive for business banking, Mike Vacy-Lyle, states: “Scams are a significant threat to customers and businesses not just here in Australia, but globally.
“We firmly believe a coordinated, whole-of-ecosystem approach is required across institutions operating in various sectors and jurisdictions.”
