JPMorgan rolls out programmable payments for institutional blockchain platform JPM Coin
Multinational banking firm JPMorgan has rolled out a programmable payment feature for institutional users of its private blockchain platform, JPM Coin.
Naveen Mallela, head of JPMorgan’s bank-led blockchain platform Onyx, shared details of the new functionality on LinkedIn via an initial report from Bloomberg. According to Mallela, the programmable payments feature is now available to all its institutional clients.
The capability is said to enable real-time, programmable treasury functionality and new digital business models. Mallela hailed the launch as a significant milestone in the evolution of JPM Coin and described the newly introduced programmability as the “holy grail” for its blockchain platform.
The Onyx team shared further details of the programmable payments feature in correspondence with Cointelegraph. Onyx and JPM Coin note that this feature has been a goal for the payments industry for several years and tout its offering as a “first-of-its-kind” by a global commercial bank.
Related: JPMorgan bank deploys JPM Coin for euro-denominated payments
The solution caters to blockchain-based accounts on the JPM Coin System, allowing users to program payments using an “If-This-Then-That” interface.
German tech firm Siemens AG is the first institutional client to make use of the programmable payments feature, proving its use as recently as Nov. 6. FedEx and Cargill are also expected to make use of the solution before the end of 2023.
According to Onyx, users can use programmable payments to manage several automated functions. This includes dynamic funding, which allows the specification of a range of rules for dynamically funding a bank account in case of shortfalls.
Event-based payouts are another use case where users can
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