Enhanced Security Trials for Money Transfers by Commonwealth Bank
The Commonwealth Bank of Australia (CBA) is taking strides in enhancing payment security by progressively rolling out its NameCheck technology to various payment types and scenarios. This advanced technology, which verifies account details using available payment data, is a significant step forward in addressing the global threat posed by scams.
CBA's collaboration with Liink by J.P. Morgan, a network utilised by banks, credit unions, fintechs, and digital banks, marks a milestone in Australia. This partnership aims to increase security and efficiency for global banks processing payments.
Liink's blockchain-based network prevents information alteration and maintains transparency on shared information, ensuring a secure environment for data exchange. The network allows participants to share information while maintaining sovereignty, security, and privacy, making it an ideal partner for CBA's anti-scam technology.
The trial of this collaboration is set to begin on May 29, 2024, with CBA piloting its NameCheck technology on J.P. Morgan's Liink network. This marks the first time such a collaboration has taken place in Australia, and it promises to revolutionise the way global financial services organisations exchange information securely and privately.
Liink's Confirm service facilitates global validation of payee information to reduce fraudulent payments, a feature that aligns perfectly with CBA's anti-scam efforts. Since piloting its anti-scam technology, CBA has successfully helped its clients prevent millions of dollars in misdirected payments and scams.
CBA introduced NameCheck to retail and business customers in 2023, and its recent domestic pilots involve the use of this technology in anti-scam measures. Mike Vacy-Lyle, a representative from CBA, has stated that scams pose a significant threat globally, and a coordinated approach is required across institutions to combat this issue.
However, no specific information about Mike Vacy-Lyle was found in the provided search results.
Network participants on Liink can exchange data privately while maintaining control over data sharing and usage, ensuring a secure and efficient platform for financial transactions. This collaboration between CBA and Liink by J.P. Morgan is a testament to the ongoing efforts to enhance payment security and combat scams in the global financial sector.
