Confirm facilitates the exchange of account validation information, such as account status and ownership, prior to funds being transferred. This functionality has now been integrated into the Trustpair platform, helping companies reduce the risks of vendor payment fraud and payment delays.

At the time of writing, Confirm verifies bank accounts across 15 global markets and is accessible within Trustpair's platform as one of several data sources for validating vendor details before processing payments.

Representatives from Onyx by J.P. Morgan highlighted the growing reliance on data in business but pointed out that many companies still use outdated or inaccurate vendor and payment data in high-value transactions. This increases the risk of fraud, payment errors, and delays. They emphasised that Confirm was designed to address these issues by improving decision-making through a collective intelligence network.

Trustpair officials explained that J.P. Morgan's involvement is important when it comes to giving companies access to reliable vendor bank account data. They brought up the importance of automated account validation and controls in defending against increasingly sophisticated fraud attempts and described the collaboration with Onyx as essential for maintaining Trustpair's high standards for fraud prevention.

Confirm operates on a private, permissioned blockchain network developed by Onyx. This network allows participants to exchange information securely, maintaining data privacy and sovereignty while ensuring transparency regarding who has access to the data. The blockchain framework ensures that information cannot be altered, offering a higher level of trust and security for participants.