CBA’s industry-leading NameCheck technology becomes part of effort to combat international scams and mistaken payments.
Commonwealth Bank of Australia (CBA) will be the first Australian bank to help validate bank account details used in international payments to Australia by enabling its industry leading NameCheck technology on Liink by J.P.Morgan.
Liink by J.P. Morgan is a network that facilitates secure and private peer-to-peer information and capability exchange between global financial services organisations such as banks, credit unions, fintechs, and digital banks among others. Confirm, an application on Liink by J.P. Morgan, is designed for the exchange of global account validation information. This network was developed by J.P. Morgan’s blockchain business unit Onyx, which provides scalable solutions and creates ecosystems that transform the way information, money and assets move.
CBA is looking to pilot sharing of limited payee account data through CBA’s advanced NameCheck technology, on the Liink network. This Australian first is another step towards increasing security and efficiency for global banks processing payments to Australia.
CBA’s NameCheck applies advanced technology and CBA’s available payment data to give an indication of whether the account details provided look right. CBA introduced NameCheck to its retail and business customers in 2023 and is progressively rolling it out to further payment types and scenarios. CBA has also since made its NameCheck technology available to external organisations via API to use in a further bid to protect more people and businesses from scams and mistaken payments.
The collaboration with Liink by J.P.Morgan follows other recent domestic pilots of CBA’s anti-scam technology. CBA has successfully helped its clients prevent millions of dollars in misdirected payments and scams since piloting the technology.
Commonwealth Bank’s Group Executive Business Banking, Mike Vacy-Lyle, said the pilot is a significant step to curbing the global impact of scams and mistaken payments, and creating more trust around payments generally.
“We are delighted to be able to enable our NameCheck technology on Liink by J.P.Morgan, in an effort to combat scams and mistaken payments,” he said.
“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. Our move to pilot our NameCheck technology on Liink by J.P.Morgan is a big step forward in addressing the impact of scams.”
Umar Farooq, Co-head Global Payments Sales and CEO, Onyx by JP Morgan , said: “Failed and fraudulent payments are an increasing threat to financial institutions, corporations and customers globally.
“We developed Onyx and its Liink network to bring the ecosystem together to solve payment-related issues in a collaborative way by first breaking down data silos.
“We are excited to work with CBA to enable their NameCheck technology on a cross-border basis. This will be a pivotal effort in the continued path towards the better protection of our users and collective growth of the market.”
Built on a private, permissioned blockchain-network, Liink by J.P.Morgan enables participants to share information across its network, all while maintaining the three fundamental properties of information sharing: sovereignty, security and privacy. The advantage of a blockchain-based network such as Liink is that it prevents information from being altered or tampered with, while ensuring full transparency on who the information is shared with. That means with Liink, network participants can exchange data privately while maintaining control over who they connect with, how the data is shared, and who can use it. Liink’s Confirm service allows participants to validate payee information globally by facilitating real time data exchange in an effort to reduce fraudulent payments.
