According to reports, two giant tech firms collaborate to facilitate crypto use for international payment settlements. Visa would integrate its B2B connect protocol with JPMorgan’s cross-border settlement system, Liink.
Visa And JPMorgan Integrate Their Private Blockchain Techs
Liink is JPMorgan’s blockchain protocol purposely designed to solve cross-border transaction issues. The protocol was built and controlled by Onyx, JPMorgan’s crypto and payment platform.
Furthermore, Onyx helps firms to share financial data and also confirm transactions. Meanwhile, BNB Connect, just like Liink, was designed by Visa as a cross-border payment solution for institutions.
Also, BNB Connect was recently integrated with the Confirm protocol, another product created by Onyx. Confirm protocol is a product that validates bank users’ information, ensuring data provided by two transacting partners are valid.
According to Onyx, Confirm protocol can validate about 2 billion bank accounts in 3.5K financial firms. Another report revealed that JPMorgan plans to launch its Confirm protocol in about 10 nations before 2023.
Also, the tech firm plans to onboard as many banks as it can worldwide. In addition, Alex Littleton, Confirm’s CEO, stated that the network has a significant impact on the growth of Confirm. He also added that their integration with Visa’s B2B Connect would help to foster Confirms worldwide adoption.
According to analysts, JPMorgan and Visa’s partnership aims to create a cross-border payment platform to rival SWIFT. SWIFT (Society for Worldwide Interbanks Financial Telecommunication) is a significant body overseeing and facilitating international payments.
Attention On International Payment Method Continues Rising
Meanwhile, cross-border payment settlement methods seem to be trending in the crypto space recently. Earlier this week, MAS (Monetary Authority of Singapore) revealed its plans to launch a blockchain-based cross-border payment solution soon.
The managing director of MAS, Menon Ravi, mentioned that the current status of international payment settlement does not suit the 21st century. He added that the current payment system is expensive, time-consuming, inefficient, and uses outdated protocols.
Ravi suggested that the international payment system some private firms use can solve the problem if adopted globally. Furthermore, Ripple Labs reportedly plans to expand its private international payment protocol ODL.
The XRP issuer reportedly partnered with Lemonway, a payment platform, and Xbaht, a money transaction platform. According to the report, both Xbaht and Lemonway would leverage ODL to offer blockchain payment options to their users across Sweden, France, and Thailand.