JPMorgan Rebrands its Blockchain-based Network as ‘Liink’ to Restructure the Money Movement
On Wednesday, JPMorgan unveiled a new brand name, “Liink” for its blockchain-based Interbank Information Network (IIN).
It is a network that enables collaboration, access to new capabilities, and commercialization opportunities for its participants that includes financial institutions, corporates, and Fintechs.
“We have been listening to our clients and are delivering solutions with speed,” said Christine Moy, the newly appointed Global Head of Liink.
“We’re excited about this next phase of growth, and we intend to bring additional next-generation products and services to Liink participants in the coming months.”
The announcement also introduced two new applications, Confirm and Format, developed from direct feedback from network participants about their needs and challenges.
While Confirm is to validate account information before initiating a payment to reduce operating costs and potentially help reduce fraud, Format enables validation for the payment instruction to ensure it conforms to key country and currency-specific information requirements.
Liink is part of JPMorgan’s Onyx, a business unit that has been in the making for five years. As part of Onyx, Liink will leverage the global scale, capital, and expertise of the investment bank with $28 trillion of assets under custody and $634 billion in deposits.
“Liink as a new brand comes at a pivotal time, as we look to re-architect how money, information, and assets move across the globe,” said Umar Farooq, CEO of Onyx.