Nium has expanded its global collaboration with Kinexys by J.P. Morgan, formerly known as Onyx by J.P. Morgan to provide data that validates bank account details used in international payments to Malaysia, Thailand, and Hong Kong.
The Nium Verify service will supply data to Confirm, an application developed by Kinexys by J.P. Morgan, which is designed for the exchange of global account validation information.
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The solution validates beneficiary account details in real-time before payments are made, significantly reducing the likelihood of errors and failed transactions in cross-border payments.
Institutions globally face numerous payment returns and fraud due to the inability to verify account information in real time prior to processing payments.
This situation leads to unnecessary fees, payment delays, and customer experience issues.
Nium is supplying data from Nium Verify to Liink, a platform developed by Kinexys by J.P. Morgan’s blockchain business unit.
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By GlobalDataNium chief payments officer Alex Johnson said: “This collaboration aligns with Nium’s mission to simplify and streamline cross-border payments for businesses worldwide.
“By leveraging our account verification capabilities, we are reducing friction in global payments, creating a more efficient, secure, and compliant payments ecosystem.”
Liink provides scalable solutions and creates ecosystems that transform the movement of information, money, and assets.
It is claimed to be the world’s first bank-led, peer-to-peer network that facilitates secure and private information and capability exchange among various global institutions, including banks, credit unions, fintechs, and digital banks.
Built on a private, permissioned blockchain network, Liink allows participants to share information while maintaining the essential properties of information sharing.
Kinexys Liink and Kinexys Digital Payments business development head Zack Chestnut said: “The additional markets for which Nium is able to provide data coverage will expand Confirm’s significant global reach even further, providing incremental value to inquiring participants on the network without requiring any incremental technology uplift.”
Globally, Nium Verify offers real-time insights into account beneficiaries across more than 50 markets.
Last month, Nium enhanced its real-time payments network, allowing financial institutions to connect via Swift infrastructure.
