JPMorgan, the multinational banking firm, has introduced a programmable payment feature for institutional users of its private blockchain platform, JPM Coin. This new functionality allows real-time, programmable treasury operations and supports new digital business models. The capability has been described as the “holy grail” for JPMorgan’s blockchain platform. It is the first-of-its-kind offering by a global commercial bank and has been a goal for the payments industry for several years. The programmable payments feature enables users to program payments using an “If-This-Then-That” interface. Siemens AG, the German tech firm, is the first institutional client to utilize this feature, with FedEx and Cargill expected to follow suit by the end of 2023. Users can manage various automated functions, including dynamic funding and event-based payouts. The introduction of programmability taps into the advantages and features of the crypto world, according to Siemens AG group treasurer Peter Rathgeb. JPMorgan is also developing a new blockchain-based solution for cross-border transactions.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Peter Rathgeb, Naveen Mallela |
| Companies | Onyx, JPMorgan, Siemens AG, FedEx, Cargill |
| Currencies | USDJPM |
| Securities | None |
