JPMorgan Chase and Visa will connect global private blockchain networks Liink and B2B Connect.
Despite the low cryptocurrency market, companies are developing new collaborations by taking advantage of the blessings of technology. Visa recently announced that it has formed a partnership with cryptocurrency exchange FTX. Now, a collaboration has been made between the American investment brand JPMorgan Chase and Visa for payment methods.
Payments Collaboration from JPMorgan and Visa
JPMorgan Chase and Visa are developing payment systems by connecting global private blockchain networks Liink and B2B Connect.
As part of the collaboration, Visa B2B Connect will use Liink’s new tool, Verify, to verify new accounts for cross-border payments and approve accounts when new users join.
Verify enables institutions to securely verify account information before sending a payment. It can also reduce fraudulent activity by pre-verifying account information and fewer refunds due to incomplete or incorrect information. Thus, participants can make payments knowing whether the person who was instructed in advance matches the account holder.
The service is expected to be available in 10 countries by the end of 2022 and to increase its strength in more than 30 countries by 2023.
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