TerraPay links verify service to Kinexys Liink network

TerraPay has integrated its TerraPay Verify service into the Liink Confirm application from Kinexys by J.P. Morgan, extending payee verification for participants on the Kinexys Liink network and TerraPay Verify clients across international markets.

The integration enables financial institutions and non-bank financial institutions connected to the Kinexys Liink network to validate bank account and digital wallet details before a payment is sent. The arrangement broadens access to verification tools designed to check recipient information in cross-border transactions.

The announcement comes as payment providers continue to face failed international transfers caused by inaccurate beneficiary details. A LexisNexis Risk Solutions study cited by the companies found that 10% to 15% of international payments fail because of incorrect recipient information, leading to delays, higher operating costs and greater fraud risk.

The problem has grown as cross-border payments increasingly move between traditional bank accounts and digital wallets. Verifying the end recipient before funds are released has become a more important control for institutions seeking to limit payment errors and reduce exceptions.

Verification reach

Kinexys by J.P. Morgan operates Liink, a network financial institutions use to share and confirm payment-related information. By linking TerraPay Verify to the Confirm application, the companies aim to give network participants broader coverage for checking recipient account and wallet details across multiple markets through a single connection.

For TerraPay, the deal also expands distribution of its verification product among institutions already connected to the Kinexys Liink network. The company, which focuses on cross-border money movement, said its verification service covers both bank account and wallet-based payment endpoints, reflecting the changing mix of payment methods in international transfers.

The collaboration also highlights banks' and payment companies' growing focus on pre-payment controls. Rather than dealing with failed transactions after funds enter the payment chain, providers are trying to stop errors earlier by confirming that recipient details match the intended destination.

Paul Atkinson, Head of Kinexys Liink Product at Kinexys by J.P. Morgan, said: "By integrating Kinexys Liink's Confirm application with TerraPay Verify, we're making it easier for financial institutions and non-bank financial institutions to improve control and help reduce payment fraud throughout the cross-border payment lifecycle. Together, we're supporting institutions as they adapt to a rapidly changing landscape and build greater trust with every transaction."

Cross-border pressure

Cross-border payments have drawn increasing scrutiny from regulators, banks and infrastructure providers because of their cost, speed and failure rates. Payment errors can trigger manual repair work, prolong settlement times and create uncertainty for both sending and receiving institutions.

Recipient verification has become one of several methods the sector is using to address those issues. It is particularly relevant when payment journeys span different domestic schemes, banking formats and wallet systems, each with its own data standards and operational requirements.

The integration supports broader industry efforts to improve transparency and trust in international transfers. The companies also linked the development to wider work across the sector to improve accessibility and reach in cross-border payments.

TerraPay said the arrangement fits its strategy of building interoperable payment infrastructure and expanding verification coverage through partnerships. The company describes itself as a cross-border money movement provider with a network that reaches bank accounts, mobile wallets and cards in multiple markets.

Its business has been built around offering a single connection for institutions seeking access to international payout and collection routes. Beyond bank-based transfers, TerraPay has emphasised wallet connectivity as digital payments expand in both emerging and developed markets.

"Trust is fundamental to every successful payment. As payment ecosystems continue to evolve, financial institutions need a reliable way to verify recipients across both bank accounts and digital wallets. Our collaboration with Kinexys by J.P. Morgan extends the reach of TerraPay Verify to more institutions globally, helping improve payment certainty, reduce avoidable exceptions and support a better customer experience," said David Backshall, Vice President, Payment Partnerships at TerraPay.

TerraPay said its network connects to more than 7.5 billion bank accounts in more than 156 countries and also supports cross-border payments to and from 3.7 billion wallets through its Xend interoperability network.