Banking giant JPMorgan has added a programmable payments feature to its blockchain-powered payment system, JPM Coin. The new feature enables companies to automate the transfer of funds based on preprogrammed conditions, allowing them to move funds to cover financial obligations such as overdue payments and margin calls. Naveen Mallela, the head of Coin Systems at JPMorgan’s blockchain division Onyx explained that this could be used to earn more income on deposits in the current interest rate environment. The system also eliminates the need for standing orders, triggering transfers when predetermined criteria are met. This technology has already been employed by German multinational Siemens AG. #programmablepayments #blockchain #JPMcoin #JPMorgan
You can read more about this topic here: Decrypt: JPMorgan Adds Programmable Payments ‘Holy Grail’ to JPM Coin
