CBA to Pilot NameCheck on JP Morgan’s Liink Network

The Commonwealth Bank of Australia (CBA) will pilot its NameCheck technology on Liink, a blockchain-based network developed by JP Morgan’s Onyx unit. This initiative aims to combat international scams and mistaken payments by enabling private peer-to-peer data exchange between global financial institutions.

CBA’s NameCheck solution, introduced in 2023, verifies the accuracy of bank account details using the bank’s payment data. By integrating this technology with Liink, CBA will become the first Australian bank to validate bank account details for international payments to Australia.

NameCheck, available via API to external businesses, is designed to protect against scams and errors in payments. Currently, it is being utilised by Bendigo Bank and fraud monitoring company Satori.

The pilot will involve sharing limited payee account data through NameCheck on the Liink network. This initiative aligns with Liink’s Confirm service, which validates payee information globally through real-time data exchange.

Mike Vacy-Lyle, CBA’s Group Executive for Business Banking, emphasised the importance of a coordinated approach to tackling scams, stating, “Scams are a significant threat to customers and businesses not just here in Australia, but globally. We firmly believe a coordinated, whole-of-ecosystem approach is required across institutions operating in various sectors and jurisdictions.”

This partnership represents a significant step toward increasing security and efficiency for global banks processing payments to Australia.