Trustpair, leading vendor fraud prevention platform for multi-national corporates, has now enhanced its capability to verify global bank account information and extended its comprehensive coverage collaborating with Confirm, an application developed by Onyx by J.P. Morgan, the firm’s blockchain business unit, which provides scalable solutions and creates ecosystems that transform the way information, money and assets move.
Confirm is designed for the exchange of global account validation information, such as account status and account ownership, before the transfer of funds, and it has been seamlessly integrated into the Trustpair platform. Financial professionals globally will be better equipped to protect their companies against vendor payment fraud and reduce payment delay. Confirm has the ability to verify bank accounts in 15 global markets and is available in the Trustpair platform among existing data sources to help companies validate vendors before payment globally. For over a year, more than 200 companies have benefited from Confirm’s data, combined with Trustpair's most effective integration of banking and corporate data, risk algorithms, and human expertise, ensuring a high level of protection against international fraud, through Trustpair’s participation on Onyx.
“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. Confirm and its network were created to provide collective intelligence to address these issues and improve decision making,” said Gloria Wan, Executive Director, Onyx by J.P. Morgan. “Trustpair’s mission and advanced technology is closely aligned with ours, and we’re thrilled to work together to help more global corporations fight fraud through account validations.”
“J.P. Morgan is taking a leading role in helping companies address payment fraud by opening access to vendor bank account data. As fraudsters become more sophisticated and pervasive in usurping vendors’ identities, reliable data and automated account validation and controls are essential to help financial professionals defend their companies at a global scale,” said Baptiste Collot, Co-Founder and CEO of Trustpair. “The collaboration between Trustpair and Onyx by J.P. Morgan helps ensure to Trustpair’s customers the highest standard for fraud prevention and user experience.”
Confirm is an application on the network developed by Onyx, J.P. Morgan’s blockchain business unit. Built on a private, permissioned blockchain network, it enables participants to share information across its network, all while maintaining the three fundamental properties of information sharing: sovereignty, security and privacy. The advantage of a blockchain-based network is that it prevents information from being altered or tampered with, while ensuring full transparency on who the information is shared with. That means network participants can exchange data privately while maintaining control over who they connect with, how the data is shared, and who can use it.