JP Morgan has created a new programmable payments feature for its blockchain platform called JPM Coin.
Leading financial services firm JP Morgan has created a new feature for its blockchain platform. The platform, known as JPM Coin, facilitates payment settlements on distributed ledgers. With the new programmable payments feature, the platform is set to offer a new experience to its institutional clients.
The programmability feature would enable users to implement automatic payments using preset settings. Earlier, users would have had to create standing orders for payments. On the other hand, the new update would program payments whenever the required conditions are fulfilled.
JP Morgan stated the new functionality would help in dynamic responses by clients, which is especially essential in 24*7 payment systems. A senior official of the firm, Naveen Mallela, informed about the feature through a report from a leading economic daily.
He said, “The product is generally available to all of our institutional clients, and we believe that this capability will enable not only a real-time and a programmable treasury but also newer digital business models.”
Meanwhile, the first institutional client using the feature is Siemens AG. Mallela also stated that tokenized money and digital currencies had been targeting programmability. As a result, the new feature was a significant milestone, he said. Meanwhile, Siemens AG also hailed the programmability feature and termed it beneficial for their business.
Other clients of the JPM Coin System include Bank ABC of Bahrain, among others. The bank had announced its partnership with JP Morgan earlier this year. Reports had also emerged of JP Morgan developing deposit tokens for seamless cross-border settlements.
The firm was awaiting approvals for the tokens from regulators back in September 2023. The Tokenized Collateral Network, a tokenization platform, is another one of the firm’s important products.
Follow Millionero’s blog and stay up to date with news from the crypto industry!