Blockchain News: JPMorgan Empowers Automated Payments with Blockchain

Programmable Payments Revolution
Enhancing Treasury Functions
Pioneering Partnerships and Real-World Application
JPM Coin Milestones and Future Outlook
- Conclusion
Top Recommended Articles

In a groundbreaking move, JPMorgan has entered the era of programmable payments through the implementation of its permissioned system, JPM Coin. The release of this feature, orchestrated by JPMorgan’s blockchain-focused unit, Onyx, signifies a momentous step forward in the evolution of JPM Coin, as highlighted by Naveen Mallela, the Head of Coin Systems at Onyx.

NEWS:

JPMorgan is changing the game with the launch of programmable payments! Managing Director Naveen Mallela spills the beans on LinkedIn, revealing that JPM Coin is now up and running for institutional clients.
— BuzzBeatHQ 🚀 (@mely_buzz) November 10, 2023

Programmable Payments Revolution

Programmable payments, a concept long pursued by JPMorgan, introduce a paradigm shift in transaction processes by enabling automatic execution based on predefined rules. This eliminates the need for manual checks, addressing a key bottleneck in traditional payment systems. The advent of this technology promises accelerated transaction speeds, particularly crucial during treasury downtime, such as weekends and holidays.

Enhancing Treasury Functions

Initially tailored for JPMorgan’s institutional clients, programmable payments are strategically designed to enhance treasury functions. The feature’s allure becomes evident in periods of higher interest rates, offering treasurers the potential to optimize income on deposits. Moreover, it provides practical solutions for managing overdue payments and meeting margin calls, streamlining financial operations for businesses.

Pioneering Partnerships and Real-World Application

The journey towards programmable payments began in 2021 with Siemens AG serving as a pioneering partner in the testing phase. Siemens AG recently leveraged programmable payments to address potential financial shortfalls, marking the official launch of this innovative capability. Looking ahead, global giants FedEx and Cargill are poised to integrate this cutting-edge feature into their operations in the coming weeks, underscoring its practical applicability across diverse industries.

JPM Coin Milestones and Future Outlook

Introduced in 2019, JPM Coin was conceived as a means to facilitate blockchain-based payments for JPMorgan’s institutional clientele. A recent milestone was achieved as JPM Coin processed an impressive $1 billion in daily transactions. However, this amount, while notable, pales in comparison to the colossal $10 trillion in daily payments handled by JPMorgan through its traditional platforms. Undeterred, JPMorgan envisions expanding the JPM Coin payment system to include retail consumers in the future, signaling a broader of blockchain technology within the financial landscape.

Conclusion

JPMorgan’s foray into programmable payments using technology marks a significant leap forward in the quest for more efficient and automated financial transactions. As the implementation of this feature gains momentum, it not only addresses existing challenges in traditional payment systems but also sets the stage for a future where blockchain-based solutions become integral to the global financial ecosystem.

For the follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.