- JPMorgan has added programmable payment functionality to its JPM Coin blockchain platform, enabling real-time treasury automation and new digital business models.
- Siemens is the first major corporation to use the new programmable payments feature, optimizing working capital and enabling data-driven business models.
- The development represents an incremental step in JPMorgan’s broader blockchain strategy to remain at the forefront of payments innovation.
Programmable Payments Enable New Use Cases
The new capability enables real-time programmable treasury functions and new digital business models. Programmability allows users to automate payments based on predefined conditions, unlocking dynamic, event-driven transactions.
First Institutional Client Uses New Feature
German firm Siemens AG is the first institutional client to utilize the programmable payments, proving its use as recently as November 6th. Other major corporations like FedEx and Cargill are expected to adopt the solution by the end of 2023.
Advantages Over Traditional Payment Systems
According to JPMorgan, programmable payments have been a goal for the payments industry for years. The solution combines the automation of cryptocurrencies with JPMorgan’s blockchain-based bank accounts. For Siemens, it will optimize working capital and enable new data-driven business models.
Future Development Plans
Beyond JPM Coin, JPMorgan is developing a separate blockchain solution for cross-border transactions. The deposit token system awaits regulatory approval in the US. Programmable payments represent an incremental step in JPMorgan’s broader blockchain strategy.
The introduction of programmable payments on JPM Coin highlights the bank’s commitment to blockchain innovation. By blending cryptocurrency functionality with its institutional banking platform, JPMorgan aims to remain at the forefront of payments technology.