Confirm introduced by JPMorgan Chase is a global account validation service whereby the status of the beneficiary’s account along with beneficiary’s standing instructions are verified prior to releasing payment instruction/funds.
Confirm services enhance payment security and efficiency. Banks and their customers can reduce the risk of payment returns, delays, unnecessary fees, and fraud by verifying account status and ownership in near real time.
JPMorgan Chase Confirm improves straight-through processing by automating manual processes such as call backs. This reliable and secure solution gives you a competitive edge in the business. Confirm, specifically for LATAM, unlocks 7 corridors through a single connection, enhancing business prospects and facilitating due diligence in payment transactions. This platform promotes data sharing, hence improving global operations and assuring compliance. Confirm offers a globally consistent data format and message structure, facilitating seamless integration and faster deployment. Additionally, it provides a secure, permissioned peer-to-peer information exchange with data encryption, ensuring data security, integrity, and privacy.
The IMS payment platform hosts several modules, services, and supporting components. The Confirm service will be one of the pre-processing services that can be engaged selectively for specific payments that would benefit from this service. The pre-processing services enriches the Modernization and Digitalization related needs of our solution.
Corporates are the key beneficiaries of Confirm Services, and since not all banks offer the benefits of a good account confirmation service, corporates can utilize the JPMorgan Chase Confirm service to ensure payment security and completion before instructing banks. Read more…
ECS offers an integrated payment processing platform that includes pre-payment processing, clearing and settlement, and post-settlement modules. They have included JPMorgan Chase Confirm Service as one of its pre-processing modules. Every payment is routed through a number of pre-payment processing modules in the specified order based on a workflow manager and a routing engine.
There are a series of benefits in utilizing the IMS Payment Platform. Primarily, its integrated with all related external service providers including Chase Confirm.. The workflow manager and routing engine can easily decide which payment should be subject to the service thereby unwarranted usage and related expenses can be minimized.
The IMS payment platform hosts several modules, services, and supporting components. The Confirm service will be one of the pre-processing services that can be engaged selectively for specific payments that would benefit from this service. The pre-processing services enriches the Modernization and Digitalization related needs of our solution.
Corporates are the key beneficiaries of Confirm Services, and since not all banks offer the benefits of a good account confirmation service, corporates can utilize the JPMorgan Chase Confirm service to ensure payment security and completion before instructing banks. Read more…
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ECS Fin is an engineering enterprise that specializes in process optimization. We design software solutions with a systems approach to transaction processing.
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