Kinexys by JPMorgan, the company’s blockchain business, has integrated new technology to enable banks to reduce fraud during real time payment.

The company has integrated its blockchain-based Kinexys Liink network with payment technology company ACI Worldwide’s Fraud and Financial crime platform, enabling financial institutions to verify account ownership and recipient details before a transaction is processed.

JPMorgan said the move aims to help banks tackle rising fraud risks linked to the rapid growth of real-time payments.

The data-sharing platform allows banks to verify account ownership and other key data points across more than 70 countries. JPMorgan said that through the platform, banks can now carry out these checks in real time within a single fraud management environment, apply consistent controls across payment rails and meet compliance requirements as payment volumes increase.

According to ACI data, authorised push payment scams already account for $4.4 billion in global losses, a figure expected to reach $7.6 billion by 2028, with the majority occurring on instant payment rails.

Unlike traditional payments, transactions sent over instant rails are irrevocable. Once funds move, they cannot be recalled, leaving institutions with no recovery window and making post transaction monitoring insufficient on its own.

“By integrating Kinexys Liink’s Confirm application directly into ACI’s fraud management platform, we’re making it easier for institutions to meet evolving account validation requirements and help protect their customers from fraud,” said Gloria Wan, general manager of Kinexys Liink at Kinexys by JPMorgan. “Together, we’re supporting institutions as they adapt to a rapidly changing landscape and build greater trust in every transaction.”

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