Trustpair, an anti-fraud platform, integrates JPMorgan's Confirm blockchain solution to verify bank account information, minimizing risk for customers.

On October 1, Trustpair, a fraud prevention platform based in France, officially announced the integration of Confirm, a blockchain solution from investment bank JPMorgan Chase, into its system. The goal of the collaboration is to enhance the ability to verify bank account information, thereby minimizing the risk of payment fraud for businesses.

Confirm is a global account verification network built on Liink, the private enterprise blockchain platform developed by JPMorgan’s Onyx division. The solution allows businesses to quickly and securely verify their partners’ bank account information, minimizing the risks associated with fraud and payment errors.

Enhanced security and transparency in payments

Gloria Wan, CEO of J.P. Morgan’s Onyx, highlighted the importance of accurate data in business operations. According to her, many businesses still rely on unverified supplier and payment information, leading to increased risks of fraud, errors and delays in the transaction process. The application of Confirm, which provides information verified by the blockchain network, will help businesses improve risk management efficiency and make better business decisions.

The partnership will benefit Trustpair’s more than 200 clients, including major corporations such as Societe Generale, Decathlon, and Danone. By integrating Confirm, these businesses can verify supplier bank account information in 15 markets globally. Baptiste Collot, co-founder and CEO of Trustpair, believes that JPMorgan’s blockchain solution will set a new standard for fraud prevention and enhance the user experience.

JPMorgan’s aggressive use of blockchain in the financial sector marks a significant shift in the bank’s stance on blockchain technology. In 2017, CEO Jamie Dimon called Bitcoin a fraud. However, in 2019, JPMorgan launched JPM Coin, its own cryptocurrency for wholesale payments. In 2020, the blockchain research and development division Onyx was established, demonstrating JPMorgan’s strong commitment to investing in the technology.

JPMorgan has not only developed its own blockchain but also participated in public blockchain projects. In November 2022, the bank completed the first transaction on the Polygon blockchain, marking an important step in applying this technology to real business operations.

Currently, in addition to Liink, JPMorgan also offers three other blockchain products through Onyx: Coin Systems (a remittance and clearing solution using JPM Coin), Blockchain Launch (providing blockchain services to customers), and Onyx Digital Assets (a digital asset management platform).