Onyx by JP Morgan Introduces Programmable Payments for Blockchain Accounts

Published 5 months ago

Onyx by JP Morgan has recently unveiled a new programmable payments feature for blockchain-based accounts using JPM Coin. This innovative service enables users to customize their transactions through an ‘If-This-Then-That’ interface. The advancement is available through JP Morgan Payment’s online treasury portal, known as JPM ACCESS.

Advancing Payment Infrastructure with Programmability

The introduction of programmable payments marks a significant development in the realm of digital currency and tokenized money. Naveen Mallela, the head of coin systems at Onyx by J.P. Morgan, highlighted the importance of programmability in setting up a dynamic and event-driven infrastructure within the financial industry. This latest offering is viewed as a foundational step towards achieving real-time, automated, and programmable treasury operations.

Enhanced Control for Customers

The new feature provides JPM Coin account holders with enhanced control over their transactions. Customers can now implement dynamic funding strategies to automatically replenish bank accounts during shortfalls. Additionally, event-based payouts enable execution of transactions based on specific needs or the delivery of assets. This functionality is particularly valuable for users needing to adapt to the fluctuating market conditions.

First Successful Payment and Upcoming Implementations

Siemens AG has the distinction of being the first company to successfully execute a payment using this new feature on November 6. Notably, industry giants FedEx and Cargill are expected to implement this solution in the forthcoming weeks. Dr. Peter Rathgeb, group treasurer of Siemens AG, praised the integration of crypto-like features into fiat currency accounts provided by J.P. Morgan. He anticipates that this technology will elevate Siemens’ automation capabilities, optimize working capital, and facilitate scalable digital business models from the treasury perspective.

This move by Onyx by JP Morgan is indicative of the ongoing fusion between traditional financial services and the innovative features of digital currencies, potentially reshaping the landscape of corporate treasury management.

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