J.P. Morgan, an American multinational investment bank and financial services firm, revealed the new brand name, Liink, for its blockchain-based Interbank Information Network (IIN) and introduced new applications available to Link members.
Liink is a segment of Onyx by J.P. Morgan, a novel business unit focused on building advanced payment capabilities. The CEO of Onyx, Umar Farooq, stated that Liink is introduced at a crucial time, as the company looks forward to re-architect how money, assets, and information move across the globe. Being a part of Onyx, this new brand will continue to use the global scale, expertise, and capital of J.P. Morgan.
Liink presented two new applications, Format and Confirm, developed from the personal response of network contributors concerning their challenges and needs. Confirm helps in validating the account information before initiating a payment to decrease operation costs associated with payment instruction errors and potentially reduce fraud. The Format application allows payment instruction validation to verify if a payment message perfectly conforms to key country and currency-specific information necessities.
Liink is a network and ecosystem that helps in collaboration, commercialization of opportunities, and access to new capabilities for its members including corporates, financial institutions, and fintech. When the pilot was launched in 2017, over 400 financial institutions and corporations signed up to become a member of Liink, which included 27 of the top 50 banks of the world, representing 78 countries.
Liink’s newly appointed Global Head, Christine Moy confirmed that the company listened to the clients and delivered robust solutions. Moy expressed her excitement about this new stage of growth and claimed that the company plans to bring additional advanced services and products to Liink members soon.
J.P. Morgan is trusted by governments, important corporations, and institutions for its business in over 100 countries. The company has $28 trillion of assets under its custody and $634 billion in deposits and the organization provides strategic advice, manages risk, raises capital, and extends liquidity in markets across the world.