JPMorgan is launching “programmable” payments on the blockchain

New blockchain services for JPM

Banking giant JPMorgan announced in the last few hours the integration “programmable” payments (also called “conditional” or “automatic” as the case may be) on its private blockchain Onyxwhich can be implemented using JPM coin.

For those who don’t remember, Onyx is simply a blockchain used by JPM for certain internal operations, by some institutional investors, through the JPM Coin token. On the other hand, “programmed” payments consist of money transfers, the terms of which are determined in advanceand not at the time of payment.

“This transaction marks a milestone in the evolution of JPM Coin,” he said declared Naveen Mallela, head of Onyx infrastructure, on social media. “After all, programmability has always been our holy grail”.

The initiative aims to meet the demands of various investors, and above all to speed up the processes related to transactions, in order to movement of assets during downtime box office or on public holidays. Instead, the blockchain, like JPM Coin, is active 24/7 and could be an operational advantage for many institutional clients. Or, again, a service could make management easier late payments or margin calls.

The growth of JPM Coin

Testing of this new feature began in 2021, when JPM started experimenting with these payments in parallel Siemens. The German company itself opened up the tool in recent days, paving the way for other realities such as FedEx AND Cargill.

JPM Coin, as time passes, buys more and more functions in the framework of the bank’s operations. And the numbers say it, like billions of daily transactions reached in the last month only for institutional clients.

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