American financial services company JP Morgan announced the launch of a payment solution in test mode. JPMorgan will use blockchain technology to improve its money transfer solutions for banking institutions around the world. A new solution called Confirm is expected to help reduce the number of rejected and returned transactions caused by mismatched payment details.
Using the new solution, partner banking institutions, including Taiwanese banks, will be able to request confirmation of the recipient's account information and receive responses from other member banks receiving requests in near real time.
Once the information has been verified, the payment can be sent through the JP Morgan PayDirect global clearing solution to route the payment. 12 Taiwanese banks are currently testing a blockchain solution for money transfers to Indonesia via PayDirect.