JPMorgan has partnered with the fraud prevention platform Trustpair to enhance its capabilities in verifying global bank account information.

The partnership will see Confirm, an app developed by JPMorgan’s blockchain business unit Onyx, integrated into the Trustpair platform.

Confirm is designed for the exchange of global account validation information, such as account status and ownership, before the transfer of funds.

JPMorgan claims that Confirm has the ability to verify bank accounts in 15 global markets, allowing financial companies to better protect themselves against vendor payment fraud and reduce payment delays.

The company added that as fraudsters become more sophisticated, data and automated account validation are essential to help financial professionals defend their companies on a global scale. Around 200 companies have benefited from the data provided by Confirm over the past year.

“Businesses operate in a data-driven world, yet many still rely on inaccurate vendor and payment data when making high-value transactions, which significantly raises companies’ risk of fraud, payment errors, and delays,” said Gloria Wan, Executive Director of Onyx. “Confirm and its network were created to provide collective intelligence to address these issues and improve decision-making.”

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