JPMorgan Deploys Programmable Payment Feature for Institutional Users of JPM Coin
JPMorgan, the multinational bank, has recently integrated a programmable payment feature for institutional clients of its private blockchain platform, JPM Coin. Naveen Mallela, Head of JPMorgan’s Onyx blockchain platform, unveiled this new feature, which is referred to as the “Holy Grail” for the bank’s blockchain platform.
This will allow Siemens to take automation to the next level in order to not only optimize working capital utilization but also enable data-driven digital business models and support scalability for our Siemens treasury activities.
Peter Rathgeb, Treasurer of Siemens AG
German technology group Siemens AG is the first institutional client to adopt this feature, demonstrating its practical utility as of November 6th. Other notable companies such as FedEx and Cargill are also expected to utilize this solution by the end of 2023.
This solution is aimed at the blockchain-based accounts of the JPM Coin system, enabling users to schedule payments through the interface. Use cases include dynamic financing, allowing for the automatic funding of a bank account according to a set of predefined rules, and event-based payments such as margin calls or goods and services delivery.
Perspectives and Future Developments
JPMorgan also plans to develop a new blockchain-based solution for cross-border transactions, separate from the JPM Coin platform, pending regulatory approval in the United States. This initiative marks a significant step toward automation and innovation in the payment and digital business models space, leveraging the advantages of blockchain technology.
