The Commonwealth Bank of Australia (CBA) is set to become the first Australian bank to validate bank account details used in international payments after integrating its NameCheck technology with Liink by J.P. Morgan.

Liink by J.P. Morgan is an application designed for the exchange of global account validation information. It's designed to facilitate secure and private peer-to-peer information and capability exchange between global financial services organisations. Developed by J.P. Morgan's blockchain business unit, Onyx, the network aims to increase security and efficiency for banks processing payments to Australia.

CBA plans to pilot the sharing of limited payee account data through its advanced NameCheck technology on the Liink network. This initiative is aimed at enhancing security and efficiency for global banks processing payments to Australia. The integration of these technologies represents a significant step forward in ensuring the security and accuracy of international transactions.

Commonwealth Bank’s Group Executive Business Banking, Mike Vacy-Lyle, said the pilot is a significant step to curbing the global impact of scams and mistaken payments, and creating more trust around payments generally.

“We are delighted to be able to enable our NameCheck technology on Liink by J.P.Morgan, in an effort to combat scams and mistaken payments,” he said. “Scams are a significant threat to customers and businesses not just here in Australia, but globally.

“We firmly believe a coordinated, whole-of-ecosystem approach is required across institutions operating in various sectors and jurisdictions. Our move to pilot our NameCheck technology on Liink by J.P.Morgan is a big step forward in addressing the impact of scams.”

Co-head Global Payments Sales and CEO, Onyx by JP Morgan, Umar Farooq, said: “Failed and fraudulent payments are an increasing threat to financial institutions, corporations and customers globally.

“We developed Onyx and its Liink network to bring the ecosystem together to solve payment-related issues in a collaborative way by first breaking down data silos," said Farooq. “We are excited to work with CBA to enable their NameCheck technology on a cross-border basis. This will be a pivotal effort in the continued path towards the better protection of our users and collective growth of the market.”