Movitz has teamed up with Kinexys by J.P. Morgan in a strategic alliance designed to offer banks worldwide the tool of Kinexys Liink for verifying global payee details.
This partnership was initiated in response to escalating fraud rates and as part of J.P. Morgan’s Payments Consultant Implementation Program. The initiative will equip banks with near-real-time verification capabilities, ensuring recipient account information is validated before payment transfers occur.
Mitigating international and instant payments fraud
With cross-border and instant transactions increasing globally, the risk of fraud and incorrect payments has also grown. Faster settlement processes significantly cut down the time available for identifying and correcting errors, making it harder to recover funds once they have been moved. According to the European Central Bank and the European Banking Authority, payment fraud across the EU/EEA was reported at EUR 4.2 billion in 2024.
The collaboration between Movitz and Kinexys by J.P. Morgan is aimed at addressing these challenges head-on. Magnus Hedenberg, CEO of Movitz, highlighted that their software can integrate with bank payment channels to facilitate verification through Kinexys Liink without altering the existing payment process. This solution positions itself as one of the first bank-led peer-to-peer blockchain-based data sharing networks and supports multiple payment rails, ensuring banks can share payee verification requests and responses via a single network connection while maintaining control over their own systems, privacy, and security.
Gloria Wan, General Manager of Kinexys Liink at Kinexys by J.P. Morgan, emphasized that the partnership enhances their capability to assist banks in tackling one of the primary complexities they face: ensuring secure payment delivery. Embedding Kinexys Liink’s Confirm application directly into bank payment flows is intended to streamline regulatory compliance and protect customers from fraudulent activities. Both Movitz and Kinexys by J.P. Morgan are committed to supporting financial institutions as they navigate evolving landscapes, fostering trust in transactions.
