JPMorgan Launches Live Programmable Payments With JPM Coin, Siemens, FedEx Become Early Adopters
Banking firm JPMorgan has rolled out a programmable payment feature for institutional users of its blockchain-powered payment system, JPM coin.
*JPMORGAN LAUNCHES PROGRAMMABLE PAYMENTS IN NEW BLOCKCHAIN PUSH
— zerohedge (@zerohedge) November 10, 2023
The announcement, made on November 10 through a press release, details how clients can utilize the new system to program payments for various financial operations.
This payment functionality enables users to customize rules for funding a bank account in the event of an overdue payment or executing payments like margin calls.
The feature now available to the general public will pave the way for real-time, automated, and customizable payment operations and revolutionize how transactions are processed.
This development is particularly noteworthy at a time when digital currencies and tokenized fiat are experiencing significant growth.
Naveen Mallela, the head of Coin Systems at Onyx, a JPMorgan subsidiary, highlighted the importance of programmability as a key driver for the sustainability of digital assets.
She emphasized that the latest service will enable users of the JPM coin to automate transactions based on preset rules and avert the requirement for manual checks.
This speeds up transaction processes and provides sustainable solutions to potential downtime during weekends and holidays.
JPMorgan and Siemens AG, a renowned German tech company, started the testing phase of programmable payments in 2021.
However, according to a recent The Block report, the German platform completed its initial payment on November 6 to address potential transaction issues.
Other prominent organizations, including FedEx and Cargill, are expected to incorporate the new payment solution in the coming weeks.
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