Emirates NBD has announced its decision to join Kinexys Liink, a peer-to-peer data-sharing network operated by Kinexys by J.P. Morgan.

Kinexys Liink is described as the world’s first bank-led network of its kind, designed to support the secure and efficient exchange of global account validation information.

As part of the integration, Emirates NBD will adopt the ‘Confirm’ application, a tool within the Kinexys Liink network intended to validate bank account information prior to cross-border payments being processed.

Through this application, the bank will be able to verify account details for UAE-based accounts on behalf of other financial institutions participating in the network.

According to Emirates NBD, this collaboration is aimed at enhancing the security and accuracy of cross-border payments by reducing the likelihood of errors or payment returns caused by incorrect or outdated account information.

The use of the ‘Confirm’ application is expected to support improved straight-through processing rates, reduce operational overheads, and help resolve potential payment issues that might otherwise delay transactions by several days.

Kinexys Liink is part of Kinexys by J.P. Morgan, the US financial institution’s blockchain-focused division, which is developing infrastructure solutions for the financial services sector using distributed ledger technology.

The ‘Confirm’ application specifically allows banks to validate account ownership before a payment is initiated, reducing both the risk of misdirected payments and the administrative burden of handling returns.

Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said:

“By leveraging a blockchain network infrastructure such as the one from Kinexys by J.P. Morgan, we are able to provide real value to banks on the network, ensuring advanced payment security and streamlined operations. As the Kinexys Liink network expands, we are excited about the future opportunities this collaboration will unlock.”

Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, commented:

“We are committed to developing solutions that enhance the speed, security and reliability of global cross-border payments and Emirates NBD’s integration with the Kinexys Liink network helps bring these benefits to the region.”

The collaboration marks another step for Emirates NBD in its stated efforts to adopt emerging technologies within its operations, particularly in the area of cross-border payment security and efficiency.

Featured image credit: Emirates NBD