JPM Coin launches programmable payments

finextra.com:

Programmable payments allows users to branch out beyond the limitations and rules applied to their transactions, accessible through a new portal on JP Morgan Payment’s online treasury portal, JPM ACCESS.

Naveen Mallela, head of coin systems at Onyx by J.P. Morgan, commented, “Programmability has been a key objective for digital currencies and tokenised money since the beginning. Our new offering makes payments programmable ushering in the era of dynamic and event driven infrastructure in the industry. This is an important milestone and foundational for real-time, automated and programmable treasury.”

Customers can control their JPM Coin accounts in new ways such as dynamic funding, in which they can apply various rules for funding a bank account in case of shortfalls, and event-based payouts, in which they can execute transactions depending on various needs such as delivery of assets. The new feature provides users with the ability to respond to the volatile nature of the market.

On November 6, Siemens AG completed its first payment using the feature, and FedEx and Cargill will be going live with the solution in the next few weeks.

Dr. Peter Rathgeb, group treasurer of Siemens AG, stated, “Advantages and features from the crypto world are now available for fiat currencies by J.P. Morgan’s provision of 24x7 blockchain-based bank accounts, combined with programmability. This will take Siemens to the next level of automation to not only optimize the use of working capital but also enable data-driven digital business models and support the scalability of our Siemens business from the treasury side.”