JPMorgan to trial CBA’s anti-scam technology on money transfers

The Commonwealth Bank will trial its anti-scam technology on JPMorgan’s peer-to-peer network under a deal announced on Wednesday.

NameCheck technology will be tested on payments and transfers between JPMorgan and Australia.

Commonwealth Bank has signed a deal with JPMorgan to trial its anti-scam technology on the US lender’s peer-to-peer network.

CBA on Wednesday said it would pilot its NameCheck technology, which checks the accuracy of account details, on payments and transfers between the US bank and Australia, using JPMorgan’s peer-to-peer network, Liink.

Australia’s largest lender in November signed deals with Bendigo and Adelaide Bank, and fraud monitoring company Satori, to trial the NameCheck anti-fraud technology on domestic transactions.

The announcement comes days after CBA chief executive Matt Comyn returned from a weeks-long trip to the US.

CBA group executive for business banking Mike Vacy-Lyle said the pilot with JPMorgan was a significant step in curbing the global impact of scams and mistaken payments, and creating more trust around payments generally.

Commonwealth Bank group executive of business banking Mike Vacy-Lyle. Picture: Nikki Short

“Scams are a significant threat to customers and businesses, not just here in Australia but globally,” Mr Vacy-Lyle said.

“We firmly believe a co-ordinated, whole-of-ecosystem approach is required across institutions operating in various sectors and jurisdictions.”

The move to pilot the NameCheck technology on JPMorgan’s Liink network was a “big step forward” in addressing the impact of scams, he said.

CBA introduced NameCheck to its retail and business customers in 2023 and is progressively rolling it out to further payment types and scenarios.

The lender has made NameCheck technology available to external organisations via API to help combat scams and mistaken payments.

JP Morgan co-head of global payments sales and CEO of its Onyx blockchain business unit Umar Farooq said working with CBA would be “a pivotal effort” in the path to better protect users and growth of the market.

“Failed and fraudulent payments are an increasing threat to financial institutions, corporations and customers globally,” he said.

“We are excited to work with CBA to enable their NameCheck technology on a cross-border basis.”