TerraPay, Kinexys Partner to Enhance Global Payment Verification
The collaboration integrates TerraPay Verify into Kinexys Liink's Confirm application, enabling financial institutions to validate bank account and digital wallet details across diverse markets.
New Verification Service
TerraPay and Kinexys by J.P. Morgan have formed a partnership aimed at improving the accuracy of international money transfers. The initiative allows banks and payment companies to verify recipient information before sending funds across borders. This integration seeks to minimise errors, delays, and associated costs that often arise from incorrect payment details.
How the Integration Works
The collaboration embeds TerraPay Verify directly into Kinexys Liink’s Confirm application. This technical link provides financial institutions within the network with a tool to check bank account and digital wallet details across numerous global markets.
By performing these pre-transfer checks, institutions can identify and correct inaccurate recipient data, thereby reducing the risk of failed transactions.
Industry Impact and Executive Views
Paul Atkinson, Head of Kinexys Liink Product at Kinexys by J.P. Morgan, stated the integration simplifies fraud reduction and control for financial and non-bank financial institutions throughout the cross-border payment process.
David Backshall, TerraPay's VP of Payment Partnerships, added that the collaboration extends TerraPay Verify's reach globally, improving payment certainty and customer experience as payment systems evolve.
This partnership offers Asian financial institutions a more streamlined approach to managing cross-border payments. With the region's increasing adoption of digital wallets and diverse banking systems, the ability to verify recipient details pre-transfer can significantly reduce operational overheads and improve transaction success rates.
Banks and payment firms in markets like Singapore, Indonesia, and the Philippines, which handle substantial international remittances and trade flows, stand to benefit from enhanced fraud prevention and greater payment certainty.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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