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Home Latest News Blockchain JPMorgan Testing Blockchain Solution to Improve Transfers With Taiwanese Banks

JPMorgan Testing Blockchain Solution to Improve Transfers With Taiwanese Banks

JPMorgan announced on Monday the launch of a blockchain solution that aims to reduce the number of rejected or returned payments.

The U.S. banking giant is testing the solution “Confirm” with 12 banks in Taiwan including CTBC Bank, Taiwan Cooperative Bank and First Commercial Bank for money transfers to Indonesia using JPMorgan’s clearing solution “PayDirect.”

According to JPMorgan’s announcement, the banks will be able to request and receive confirmation of beneficiaries’ account information in near-real time.

This latest move indicates that JPMorgan bucking the trend among enterprise blockchain builders, where concrete evidence of progress has tended to be thin on the ground.

As reported by Coindesk, this is also positive for Ethereum hub Consensys which incorporated the bank-grade Quorum blockchain that JPMorgan engineers built back in 2017.

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SourceCoinDesk

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