JP Morgan launches programmable payments for JPM Coin accounts
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JPMorgan’s Onyx recently launched programmable payments for blockchain-based JPM Coin accounts, according to a recent announcement. The new solution will allow customers to use an interface known as If-This-Then-That to program transactions.
In doing so, users will be allowed to branch out beyond the rules and limitations applied to typical transactions. Users can do it using a new portal on JP Morgan Payment’s online treasury portal, known as JPM ACCESS.
Benefits of programmable payments
Onyx by JP Morgan’s head of coin systems, Naveen Mallela, commented on the launch of programmable payments, stating that programmability has been a key objective for cryptocurrencies and tokenized money since the very beginning. The new offering makes payments programmable, which is expected to usher in the era of dynamic, event-driven infrastructure in the payments industry.
Mallela added that this is an important milestone and also a foundational move for automated, real-time, programmable treasury.
Furthermore, JPMorgan explained that customers will have certain options in terms of what they can do with their JPM Coin accounts. They will be able to control them in new ways and benefit from features such as dynamic funding.
This would allow them to apply specific rules for funding their bank account in case of issues like shortfalls and event-based payouts, where they get to execute transactions depending on different needs, like delivery of assets. Users will also gain the ability to respond to the market’s volatile nature.
Siemens already tested the system
The system has already seen its first payment using this feature, which was made by Siemens AG about a week ago, on November 6. Moving on, Cargill and FedEx will also soon go live with the solution, which is expected to happen in only a few weeks, according to reports.
Meanwhile, Siemens AG’s group treasurer, Dr. Peter Rathgeb, commented on the experience. He said that there are advantages and features that came out of the world of cryptocurrency that are now becoming available for fiat currencies, as well. He noted that this was possible thanks to JPMorgan’s provision of 24×7 blockchain-based bank accounts, coupled with programmability.
Dr. Rathgeb added that this will take Siemens to the next level in terms of automation, not only to optimize the use of working capital but it will also to allow for data-driven digital business models. On top of that, it will provide support for the scalability of the Siemens business from the treasury side.
