2023-11-11 22:20 |
Wall Street giant JPMorgan has officially launched programmable payment functionality on its institutional blockchain platform, JPM Coin, according to Onyx head of coin systems Naveen Mallela.
Mallela said the new solution is a “holy grail” for the JPM Coin platform and expects it to open a new frontier in digital finance.
The bank announced the development on social media and through a Bloomberg News report. The move signifies a significant milestone in the evolution of digital currencies and programmable treasury solutions, setting a new standard for the banking sector.
Programmable PaymentsJPMorgan’s clients can now leverage the cutting-edge programmable payment feature, enabling real-time, dynamic treasury operations with a groundbreaking “If-This-Then-That” interface.
The interface is accessible through an online treasury portal and enables institutional users to establish a broader range of rules than traditional conditional payments, fostering increased efficiency and responsiveness in financial management.
According to Mallela:
“Programmability has been a key objective for digital currencies and tokenized money since the beginning. This is an important milestone and foundational for real-time, automated, and programmable treasury.”
The programmable payments feature introduces a myriad of possibilities, allowing clients to specify rules for topping up bank accounts during shortfalls, responding to margin calls, and triggering payments based on the delivery of assets, goods, or services.
This flexibility addresses the evolving needs of institutional clients and positions JPM Coin as a versatile solution in the ever-changing financial landscape.
Siemens trailblazingSiemens AG, a global technology powerhouse, is the first institutional client to utilize JPM Coin’s programmable payment functionality.
The company executed payments using the new functionality on Nov. 6, setting a precedent for harnessing the advantages of blockchain-based banking for enhanced financial automation.
Group Treasurer of Siemens group treasurer Peter Rathgeb said:
“This will take Siemens to the next level of automation to not only optimize the use of working capital but also enable data-driven digital business models and support the scalability of our Siemens business from the treasury side.”
Siemens’ proactive adoption of programmable payments underscores the tangible benefits and forward-thinking approach of incorporating blockchain technology into traditional financial practices.
According to Bloomberg, FedEx and Cargill are also expected to start using the solution before the end of the year.
As JPMorgan continues to lead the way in shaping the future of digital finance, Siemens’ successful implementation serves as a testament to the practical applications and advantages offered by the programmable payment feature on JPM Coin.
The post JPMorgan launches programmable payments on JPM Coin appeared first on CryptoSlate.
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