Traditional finance and payment heavyweights JPMorgan and Visa have reportedly joined hands to enhance the use of their private blockchain solutions Liink and B2B Connect to support cross-border payments.

Specifically, JPMorgan’s Liink reportedly operates as a network particularly built to facilitate cross-border transfers and is offered under the bank’s blockchain and payments project Onyx. Onyx provides a platform for institutions to share financial data and validate transactions.

Visa’s B2B Connect functions as a similar network to Liink that was designed for institutional grade use, with integration finalized with Onxy’s Confirm.

Confirm is an account-information validation product, and making sure that transacting parties offer genuine identities and correct information. Onyx touts that Confirm has the ability to run verification for over 2 billion bank accounts from 3,500 financial institutions.

Finextra further reported that J.P. Morgan is having plans down its pipeline to rope in a host of founding member banks throughout the world, as it puts in efforts to release Confirm across 10 nations by the end of 2022. 

Moving forward, the bank is said to be aiming for a release in 30 nations in 2023.

German financial giant Deutsche Bank has also signed on to become a founding member of Confirm.

Confirm’s global head Alex Littleton shared extra explanation in a public statement that “Confirm’s growth is heavily influenced by network effects”, further claiming that “Naming Deutsche Bank as a founding member, while also establishing interconnectivity to Visa B2B’s blockchain, will accelerate our adoption on a global scale.”

With Visa teaming with JPMorgan and its suite of blockchain products, it seems that the duo has an eye on providing an alternative to the commonly used Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system to manage and facilitate cross-border payments.