JPMorgan tests payment solution on Confirm blockchain – Bits Media

JPMorgan Chase is working with twelve Taiwanese banks to test a solution on the Confirm blockchain to reduce the number of refused or bounced payments.

According to JPMorgan, American financial holding started testing the solution for Confirm blockchain. The pilot project is carried out together with twelve Taiwann banks, Including CTBC Bank, Taiwan Cooperative Bank и First Commercial Bank, for money transfer to Indonesia using the clearing solution Jpmorgan Paydirect.

So far, few technical details are known about the new solution. According to JPMorgan, Banks will be able to request and receive confirmation of information about the accounts of recipients almost in real time.

JPMorgan has long been testing blockchain solutions to optimize its operations. At the end 2019 year the bank tested a blockchain for car tracking, provided by car dealers as credit, to stop the delivery on the bail of the same cars.

At the beginning 2020 years to the payment network on the blockchain from the American investment bank JPMorgan - Interbank Information Network (IIN) - They joined more 80 Japanese banks. Besides, At the end of last year, JPMorgan completed a repo inter -day transaction using an application based on blockchain, which will soon be launched into commercial use.

In February, the State Bank of India (SBI) stated, What will introduce Liink, Blockchain solution developed by JPMorgan Chase, To improve international payments.