Financial services giant JPMorgan’s Onyx advances another step ahead with its blockchain-powered payment system JPM Coin, with the launch of a programmable payments feature. Clients can now program payments by using the JPM Coin system for financial obligations such as overdue payments and margin calls.
JPMorgan’s JPM Coin now enables clients to program their accounts by adding a set of conditions and move funds to cover overdue payments and margin calls, reported Bloomberg on November 10.
Naveen Mallela, global head of coin systems at Onyx, said that Germany’s Siemens used JPMorgan’s JPM Coin system this week to configure its account for transfers to fill potential funding gaps.
“Programmability has been a key objective for digital currencies and tokenized money since the beginning. Our new offering makes payments programmable ushering in the era of dynamic and event-driven infrastructure in the industry. This is an important milestone and foundational for real-time, automated, and programmable treasury.”
Additionally, companies such as FedEx and Cargill plan to use the system in the coming weeks. JPMorgan is gradually working to expand use of the payments system to other banks’ accounts.
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JPMorgan started using blockchain technology for collateral settlement for clients and this year introduced euro-based payments for corporate clients using its JPM Coin. Traditional finance firms are showing significant interest in the crypto and blockchain space, just like they did in 2021 when the crypto market went up.
In October, JPMorgan launched the Tokenized Collateral Network (TCN), converting shares in one of its money market funds into digital tokens and then transferring them to Barclays Plc as collateral.
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