TerraPay Verify integrates with Kinexys by J.P. Morgan's Liink network for Global Payee Verification
RWA Signal Insight
InfrastructureTerraPay has integrated its TerraPay Verify solution into Kinexys by J.P. Morgan’s Liink Confirm application to enhance global payee verification. This collaboration allows financial and non-bank institutions on the Kinexys Liink blockchain network to validate bank account and digital wallet details before initiating cross-border payments. By addressing the 10-15% failure rate in international payments caused by incorrect beneficiary data, the partnership aims to reduce operational costs and fraud risks. The integration leverages TerraPay’s extensive verification capabilities to provide greater transparency and efficiency in the cross-border payment lifecycle. This move aligns with G20 objectives to improve the speed and reliability of global money movement through enhanced interoperability. By connecting TerraPay’s verification infrastructure with the Kinexys Liink network, the initiative supports a more seamless experience for institutions managing complex payment ecosystems. Ultimately, this partnership underscores the growing importance of pre-transaction validation in maintaining trust within global financial networks.
Key points
- TerraPay Verify integrated into Kinexys by J.P. Morgan’s Liink Confirm application.
- Collaboration enables pre-payment validation for bank accounts and digital wallets globally.
- LexisNexis data shows 10-15% of international payments fail due to incorrect beneficiary details.
- Partnership supports G20 roadmap goals for enhancing cross-border payment transparency and efficiency.
Background
Kinexys by J.P. Morgan is the bank's blockchain-based business unit, formerly known as Onyx, which focuses on institutional-grade financial infrastructure. Its Liink network is a peer-to-peer blockchain platform designed to facilitate the exchange of payment-related information between financial institutions. TerraPay is a global money movement company that provides interoperable infrastructure for cross-border payments across bank accounts, mobile wallets, and cards.