Global banking giant JPMorgan has launched a new programmable payment option for its institutional clients using its proprietary blockchain platform JPM Coin. The feature, first shared by Naveen Mallela, who leads JPMorgan’s blockchain initiative Onyx, is available to all its institutional clients.
The new feature allows institutional clients to set up real-time, programmable treasury operations and paves the way for innovative digital business models. Mallela celebrated the introduction as a crucial development in JPM Coin’s journey, referring to the added programmability as the “holy grail” for their blockchain network.
The Onyx team has said that the feature has been a goal for the payments industry for years and that it caters to blockchain-based accounts on the JPM Coin system. It allows clients to program transactions using an “If-This-Then-That” interface.
German tech firm Siemens AG reportedly became the first institutional client to utilize the new programmable payments feature, with other major firms, including FedEx and Cargill, expected to adopt it by the end of the year.
Onyx highlighted that the feature enables programmable payments to automate several functions with one of them being dynamic funding, which lets users set up a variety of rules for automatically funding an account when there is a shortfall.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/nov/13/
