TerraPay integrates payee verification with J.P. Morgan’s Kinexys Liink network
TerraPay Verify will connect to the Liink Confirm application so participating institutions can validate bank-account and wallet details before cross-border payments.
TerraPay announced October 22 that it had integrated TerraPay Verify into the Kinexys by J.P. Morgan Liink network’s Confirm application.
The integration is designed to let financial institutions and non-bank financial institutions connected to Kinexys Liink validate bank-account and digital-wallet details before initiating cross-border payments. TerraPay says the check is intended to reduce payment failures and help mitigate fraud caused by incorrect or manipulated recipient information.
Payee verification addresses a specific point of failure in international payments: whether the destination details match the intended recipient before money is sent. It does not replace sanctions screening, transaction monitoring, customer authentication or the institution’s responsibility to investigate unusual payment instructions.
The service is available to participating institutions connected to the relevant network and application. TerraPay did not disclose transaction-volume forecasts, pricing or universal coverage of every destination bank and wallet in the announcement.