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JPMorgan Unveils Programmable Payments with JPM Coin

JPMorgan Chase & Co (JPM), a prominent player in modern banking, has integrated a new feature into its widely recognized blockchain technology. This enhancement, powered by JPM Coin, allows companies to execute transactions promptly.

JPMorgan clients can now program their accounts with specific conditions, empowering them to transfer funds for addressing overdue payments and margin calls. Bloomberg reported on November 10 that there are potential opportunities to leverage this feature for capitalizing on exchange rate variances.

The use of blockchain technology ensures nearly instantaneous transfers, accessible 24/7—a notable departure from traditional banking practices, which typically batch transactions during working hours. The recent update to JPM Coin eliminates the need for scheduling standing orders at specific times or amounts; instead, the function activates when predetermined criteria are met.

“If you think of the current bank account provided by any financial institution, there is only so much you can do in terms of configurability and set of rules; that is what we are changing. We believe this is the first instance of a traditional financial firm building programmable payments at scale, using existing commercial bank money,” said Naveen Mallela, head of Coin Systems at JPMorgan’s blockchain division Onyx.

Last week, HSBC Holdings also announced successful test token deposits in intra-group treasury transactions, facilitated by blockchain technology from the China-based Ant Group.

Moreover, in the preceding month, the Governing Council of the European Central Bank (ECB) disclosed its progress into the next phase of the digital euro project. While a final decision on issuance remains pending, the ECB is laying the groundwork for potential implementation.

These recent initiatives underscore a notable inclination among mainstream banking institutions and financial regulatory bodies to embrace blockchain technology, recognizing it as a pivotal element in the future landscape of the banking sector.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

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