Nov 10, 2023

JPMorgan Switches On Programmable Payments Using Blockchain Tech

Posted by in categories: blockchains, finance

One of the most high-profile blockchain systems in traditional banking has added a new feature that lets companies shift cash automatically.

JPMorgan Chase & Co’s JPM Coin now allows clients to program their accounts by plugging in a set of key conditions, enabling them to move funds to cover overdue payments and margin calls. Further down the line, it may help them seize on differences in exchange rates.

Germany’s Siemens AG used the system this week, configuring its accounts to transfer money to fill potential shortfalls, Naveen Mallela, head of Coin Systems at JPMorgan’s blockchain division Onyx, said in an interview.

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