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J.P. Morgan uses blockchain technology to help improve money transfers


Taipei, April 12, 2021 – Global financial services firm J.P. Morgan today announced that it is using blockchain technology to improve funds transfers between banking institutions globally, including payments originating from Taiwan banks to beneficiary banks in other markets. Through improved information exchange related to such payments, the new solution called Confirm is expected to help reduce the number of rejected or returned transactions caused by mismatched payment details, lowering costs for both the sending and receiving banks.

By leveraging Confirm – a global account information validation application on the Liink by J.P.MorganSM — partner banking institutions, including Taiwan banks, will be able to request confirmation of the beneficiary account information and receive responses directly from other participating banks receiving the requests in near-real time. Once the information is validated, the payment may be sent through J.P. Morgan’s global clearing solution PayDirect to route the payment in the most efficient manner.

The efficiencies offered by the Confirm and PayDirect solutions are expected to help improve straight-through processing rates, increase transparency and enhance their customers’ end-to-end payment experience by reducing returns. Testing is under way with 12 Taiwan banks, including Taiwan Cooperative Bank, First Commercial Bank, the Shanghai Commercial & Savings Bank, Mega Bank, Taipei Star Bank, Taiwan Shin Kong Bank, CTBC Bank, for money transfers via PayDirect into Indonesia.

“We are delighted that J.P. Morgan’s leading-edge technology, combined with our global infrastructure, is helping our clients in Taiwan address unique challenges pertaining to cross-border transactions. We have been listening to our clients and will continue to invest in new products and services to meet their needs, as we did in the past 50 years,” said Carl Chien, Vice Chairman for Asia Pacific and CEO for Taiwan at J.P. Morgan.

 

About Liink’s Confirm

Liink – part of the Onyx by J.P. Morgan business unit – was launched as a pilot in 2017 as Interbank Information Network (IIN) and today has participants comprising more than 400 financial institutions and corporates, including 27 of the world’s top 50 banks, across 78 markets. The Confirm application, introduced late last year, is among an expanding suite of new applications developed on the Liink as a result of direct feedback from network participants to address their needs and challenge across the global payment ecosystem. Confirm allows participants to request confirmation of account information in and receive responses in near-real time directly with other participants on the network. 

 

About Global Clearing PayDirect

PayDirect is a J.P. Morgan solution that allows financial institutions to capture new flows by using existing pay-in methods and channels to pay global beneficiaries via various pay-out methods, with the benefits of lower end-to-end transaction costs, predictability and transparency.

 

美商摩根大通運用區塊鏈技術 協助台灣的銀行優化匯款業務

 

台北,2021年4月12日——國際金融機構美商摩根大通今天宣布,已啟動一項區塊鏈應用技術,協助全球銀行優化匯款業務,當中包括由台灣的銀行發送到其他市場的跨國匯款。透過提升匯款帳戶資訊的準確度,這項名爲「Confirm」的新技術將減少在跨國匯款過程中,因帳戶資訊不符而導致的交易失敗或退匯,同時降低匯款銀行和受款銀行的作業成本。

摩根大通的全球帳戶驗證平台「Confirm」建置於區塊鏈網路「Liink by J.P.MorganSM 」項下。全球各地參與「Confirm」這一帳戶驗證平台的銀行(包括台灣的銀行在内),將能夠直接向其他使用此平台的受款銀行提出驗證受款人帳戶資訊的要求,並且近乎即時的收到對方銀行的回覆。 帳戶資訊一經驗證,銀行便可通過摩根大通的全球清算服務「PayDirect」以最有效的方式進行跨國匯款。

摩根大通的帳戶驗證平台「Confirm」以及全球清算服務「PayDirect」,將有效減少退匯的可能性,不但能提升銀行處理匯款的成功率,也提高了業務流程中的透明度,並優化客戶的點到點匯款體驗。目前,摩根大通正在與十二家台灣的銀行進行測試,透過「PayDirect」將款項匯至印尼,其中包括合作金庫銀行、第一銀行、上海商銀、兆豐銀行、瑞興商銀、新光銀行、中國信託等(按銀行代碼順序)。

「我們很高興看到摩根大通的領先技術和全球化的平台相結合,幫助我們台灣的客戶應對在跨境交易領域的種種挑戰,」摩根大通亞太區副主席兼台灣區總裁錢國維表示。「我們在台灣立足五十年,一向悉心聆聽客戶的需要,未來也會繼續投資於新產品和服務,以進一步滿足客戶的需求。」

 

關於「Liink」項下的全球帳戶驗證平台「Confirm」

「Liink」是摩根大通「Onyx by J.P. Morgan」項目的一部分,於2017年首推銀行間信息網絡(Interbank Information Network)進行試點,如今已有78個市場的400多家金融機構和公司參加,其中包括27家排名全球前50名的銀行。摩根大通在瞭解了銀行間信息網絡的參與銀行在全球支付體系中存在的需求和挑戰後,於2020年下半年推出了全球帳戶驗證平台「Confirm」,屬於「Liink」項下的新擴展應用程式。「Confirm」的主要功能,是幫助參與銀行直接向網絡上的其他參與銀行提出驗證帳戶信息的要求,並且近乎即時的收到對方銀行的回覆。

 

關於全球清算服務「PayDirect」

摩根大通的全球清算服務「PayDirect」有助於金融機構利用現有的受款方式及管道,向不同的受款方以多種方式支付匯款。這項服務能幫助金融機構降低作業成本、增加可預測性及透明度。