TerraPay and Kinexys by J.P. Morgan have teamed up to help banks and payment firms verify recipients before transferring funds internationally.
The partnership integrates TerraPay Verify into Kinexys Liink’s Confirm application.
Financial institutions on the network can use TerraPay Verify to check bank account and digital wallet details across multiple markets.
These checks can help institutions spot incorrect recipient information before making payments, reducing the risk of failed transactions, delays and additional costs.
Paul Atkinson, Head of Kinexys Liink Product, Kinexys by J.P. Morgan said,
“By integrating Kinexys Liink’s Confirm application with TerraPay Verify, we’re making it easier for financial institutions and non-bank financial institutions to improve control and help reduce payment fraud throughout the cross-border payment lifecycle.
Together, we’re supporting institutions as they adapt to a rapidly changing landscape and build greater trust with every transaction.”
The integration also enables TerraPay Verify clients to validate recipient details through the connected services.
David Backshall, VP of Payment Partnerships at TerraPay, said,
“As payment ecosystems continue to evolve, financial institutions need a reliable way to verify recipients across both bank accounts and digital wallets.
Our collaboration with Kinexys by J.P. Morgan extends the reach of TerraPay Verify to more institutions globally, helping improve payment certainty, reduce avoidable exceptions and support a better customer experience.”
Featured image: Edited by Fintech News Singapore, based on image by starmultikharisma via Magnific
