J . P . MORGAN
options – whether it ' s through banks , wallets or fintechs . And J . P . Morgan wants to be part of partnerships that deliver for clients .”
Blockchain a key driver behind payments Jang is a firm believer in the possibilities brought about by blockchain , and expects the decentralised technology to form a key pillar of J . P . Morgan ’ s strategy as the company prepares for the future of payments . Jang explains : “ We are working globally on opportunities to leverage the technology and apply them to various requirements and solutioning – whether it ' s on the markets front , tokenisation , real-time movement of money and cross-border payments .”
In addition to using SWIFT and ISO as the payment rails for cross-border transactions , J . P . Morgan is seeking to improve the sharing of data in realtime with Liink – the world ’ s first bank-led , productiongrade , peer-to-peer blockchain network for information sharing
– and Confirm , an application for global account validation . This will reduce timescales for banks , cutting down on laborious tasks that need to be carried out manually while lowering rejection rates at the same time .
The company is working with a lot of different companies to facilitate crossborder exchange of that data into different corridors , particularly when it comes to demand for remittances associated with overseas workers , who want to send money back home to markets like Indonesia , India , Bangladesh and Sri Lanka to support their family and communities . J . P . Morgan is expanding the service into the Philippines , Vietnam and Thailand .
As she looks ahead to a promising future – one in which J . P . Morgan will play an undoubtedly pivotal role – Jang neatly summarises the pinsharp focus of its Asia Pacific payments team : “ We believe that seamless and secure payment solutions can help our clients and their business to grow , diversify , and thrive by enabling rails for companies , financial institutions , and consumers to pay anyone by any method or channel from anywhere , anytime .” It ’ s not a straightforward brief – endusers want everything , and they want it now – but if any company has the track record behind it to make it happen , it ’ s J . P . Morgan .
jpmorgan . com / payments @ j-p-morgan @ jpmorgan @ jpmorgan June 2023 | fintechmagazine . com 29