Coin

Banking giant JPMorgan has unveiled a cutting-edge programmable payment feature for institutional users of its blockchain-powered payment system, <a href="https://news.todayq.com/jp-morgan-introduces-blockchain-based-collateral-settlement/" rel="noopener noreferrer nofollow">JPM coin</a>. Clients can now customize and program payments for various financial needs.
Programmability is key for the sustainability of digital assetsNaveen Mallela, Head of Coin Systems at JPMorgan subsidiary <a href="https://news.todayq.com/jpmorgan-chase-processes-almost-700bn-in-transactions-using-onyx-blockchain-platform/" rel="noopener noreferrer nofollow">Onyx</a>. 
Thepayment method will enable real-time, automated, and customizable payment operations. Mallela highlighted that users can automate transactions based on preset rules. 
It will expedite processing and ensure operational continuity even during weekends and holidays by eliminating the need for manual checks.
JPMorgan and Siemens AG have achieved a milestone with the successful implementation of programmable payments. They initiated the testing phase in 2021.
Other major players like FedEx and Cargill, want to integrate this payment method in the coming weeks. Institutions adopt Blockchain 
The move aligns with a broader trend observed among major financial institutions, with HSBC, Euroclear, and Goldman Sachs at the forefront of <a href="https://news.todayq.com/jp-morgan-to-hire-blockchain-experts-from-across-the-world/" rel="noopener noreferrer nofollow">incorporating blockchain</a> technology into traditional finance.
HSBC’s <a href="https://news.todayq.com/hsbc-to-launch-digital-asset-custody-service-in-2024/" rel="noopener noreferrer nofollow">venture</a> into blockchain for trading, particularly its collaboration with Swiss digital assets firm Metaco, is a testament to this trend. The forthcoming platform will empower institutional customers to hold blockchain-based tokens representing non-crypto assets, expanding the horizons of financial innovation.
HSBC has made it fast and transparent to exchange of ownership stakes in actual gold through its blockchain program for gold trading. Investors can easily purchase and sell digital tokens—each of which represents ownership of a unique gold bar kept in HSBC’s London vault—using distributed ledger technology.
These developments mark a shift as blockchain looks set to integrate with the traditional finance sector. It will usher an era of efficiency, transparency, and automation in payments and transfers.
© Todayq News

JPMorgan revolutionizes finance with programmable payments on JPM Coin

Todayq News

Other articles published on Nov 11, 2023

FTX Token (FTT) Up 53% to Erase YTD Losses, Here's Reason

Bitop Exchange Renews Support for UNHCR Amid Global Refugee Crisis (11 Nov)

XRP Price Outlook: Expert Forecasts Potential Rise To $5.5

Analysis: 75% ETH holders in profit after crossing $2000 mark

Crypto bull run is back: Memeinator is the new meme coin to watch

Bitcoin (BTC) Eyes $40,000 as It Heads for Fourth Green Week in Row

Join our free newsletter for daily crypto updates!