J.P. Morgan unveiled Liink, a new brand name for the firm’s blockchain-based Interbank Information Network (IIN), and introduced new applications available to Liink participants.
Liink introduced two new applications, Confirm and Format, which were developed from direct feedback of network participants regarding their needs and challenges. Confirm allows for the validation of account information prior to initiating a payment to reduce operating costs related to payment instruction errors and potentially help reduce fraud. Format enables payment instruction validation to check whether a payment message accurately conforms to key country and currency-specific information requirements.
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Liink is an ecosystem and network that enables collaboration, access to new capabilities, and commercialization opportunities for its participants – financial institutions, corporates and fintechs. Originally launched as a pilot in 2017, more than 400 financial institutions and corporations have signed up to become a participant, including 27 of the world’s top 50 banks, representing 78 countries.
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Liink is part of Onyx by J.P. Morgan, a new business unit dedicated to building next-generation payment capabilities. “Liink as a new brand comes at a pivotal time, as we look to re-architect how money, information and assets move across the globe,” said Umar Farooq, CEO of Onyx. As part of Onyx, it will continue to leverage the global scale, capital, and expertise of J.P. Morgan.
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