JPMorgan Chase and Visa are to establish connectivity between their global private blockchain networks, Liink and B2B Connect.

As part of the partnership, Visa B2B Connect will use Validation, a new tool from Liink, to authenticate new accounts for cross-border payments and approve accounts when new users join.

Validation allows organizations to securely validate account information before sending payments, ensuring less payment reversals due to missing or incorrect information, and minimizing fraudulent activity by pre-validating account information so attendees know in advance if the payee listed matches the owner of the account they are paying for.

JPMorgan launched Confirm in beta last year and just signed a contract with Deutsche Bank as a founding member of the product in Nga Mi. Bank of America is looking to recruit founding member banks across Apac, Latam and NAMR with the goal of expanding its coverage to 35,000 banks and over two billion accounts.

The service will operate in 10 countries by the end of 2022 and will strengthen its presence in more than 30 countries by 2023.

“Confirm’s growth is heavily influenced by network effects. Therefore, naming Deutsche Bank as a founding member, while also establishing interconnectivity to Visa B2B’s blockchain, will accelerate our adoption on a global scale.”

                                                                               Alex Littleton, global head of Confirm.