Emirates NBD has decided to join Kinexys Liink, a peer-to-peer data-sharing network operated by J.P. Morgan. Kinexys Liink is described as the world’s first bank-led network, designed to support a secure and efficient exchange of global account validation information.
As part of the integration, Emirates NBD will adopt the ‘Confirm’ application, a tool within the Kinexys Liink network to validate bank account information before cross-border payments are processed.
Through this application, the bank can conveniently verify account details for UAE-based accounts on behalf of other financial institutions participating in the network.
According to Emirates NBD, the collaboration aimed at enhancing the security and accuracy of cross-border payments by reducing the likelihood of errors or payment returns caused by incorrect or outdated account information.
Using the ‘Confirm’ application is expected to support improved straight-through processing rates, reduce operational overheads, and help resolve potential payment issues that might otherwise delay transactions by several days.
Kinexys Liink is part of Kinexys by J.P. Morgan, the US financial institution’s blockchain-focused division, which is developing infrastructure solutions for the financial services sector using distributed ledger technology.
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The ‘Confirm’ application specifically allows banks to validate account ownership before initiating payments, thus reducing the risk of misdirected payments and the administrative burden of handling returns.
Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said: “By leveraging a blockchain network infrastructure such as the one from Kinexys by J.P. Morgan, we can provide real value to banks on the network, ensuring advanced payment security and streamlined operations. As the Kinexys Liink network expands, we are excited about the future opportunities this collaboration will unlock.”
Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, commented, “We are committed to developing solutions that enhance the speed, security and reliability of global cross-border payments, and Emirates NBD’s integration with the Kinexys Liink network helps bring these benefits to the region.”
The collaboration marks another step for Emirates NBD in its efforts to adopt emerging technologies within its operations, particularly for cross-border payment security and efficiency.
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