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J.P.Morgan Launches Programmable Payments on JPM Coin Blockchain

JP Morgan JPMorgan, a leading multinational banking firm, has unveiled a groundbreaking programmable payment feature for institutional users of its private blockchain platform, JPM Coin. Naveen Mallela, head of JPMorgan's bank-led blockchain platform Onyx, shared this exciting development, emphasizing its availability to all institutional clients.This innovative capability enables real-time, programmable treasury functions and introduces new
JPMorgan, a leading multinational banking firm, has unveiled a groundbreaking programmable payment feature for institutional users of its private blockchain platform, JPM Coin. Naveen Mallela, head of JPMorgan’s bank-led blockchain platform Onyx, shared this exciting development, emphasizing its availability to all institutional clients.

This innovative capability enables real-time, programmable treasury functions and introduces new possibilities for digital business models. Mallela hailed the launch as a significant milestone in JPM Coin’s evolution, describing the newly introduced programmability as the “holy grail” for the blockchain platform.

The Onyx team revealed further details, emphasizing that this feature fulfills a long-standing goal in the payments industry. They tout it as a “first-of-its-kind” solution by a global commercial bank. The programmable payments feature caters to blockchain-based accounts on the JPM Coin System, allowing users to program payments using an “If-This-Then-That” interface.

Siemens AG, a prominent German tech firm, stands as the inaugural institutional client to leverage the programmable payments feature, showcasing its practical use as of November 6. Other major players like FedEx and Cargill are anticipated to adopt the solution before the close of 2023.

Onyx details several use cases for programmable payments, including dynamic funding, enabling users to specify rules for dynamically funding a bank account in case of shortfalls. Event-based payouts offer another compelling use case, allowing users to execute payments based on events such as margin calls, delivery of assets, goods and services, or fulfillment of contractual obligations.

Naveen Mallela emphasizes the transformative potential of this offering, stating, “Programmability has been a key objective for digital currencies and tokenized money since the beginning.”

Siemens AG group treasurer, Peter Rathgeb, adds that the introduction of programmability taps into the “advantages and features from the crypto world,” combined with JPMorgan’s blockchain-based bank accounts. He envisions this development taking Siemens to the next level of automation, optimizing working capital usage and supporting data-driven digital business models.

JPMorgan’s commitment to innovation extends beyond this announcement, as they are reportedly developing a new blockchain-based solution for cross-border transactions, awaiting regulatory approval in the United States. This marks another stride in their continuous efforts to reshape the landscape of financial technology.

Wasif Shakir

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