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JPMorgan Adds Programmable Payments to JPM Coin
Previously clients would need to set standing orders for payments to take place at a particular time; now they can program them to kick in when the relevant criteria are met.
Updated Nov 10, 2023, 11:05 a.m. Published Nov 10, 2023, 11:05 a.m.
Users of JPMorgan's (JPM) blockchain-based settlement token, JPM Coin, can now program their accounts to make payments automatically according to preset conditions.
The financial giant is allowing clients to plug in conditions for funds to be moved to cover overdue payments or margin calls, according to an email on Friday. Previously, they had to set standing orders for payments to take place at a particular time, whereas now they can program them to kick in when the relevant criteria are met.
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"This new feature helps clients to respond dynamically to events, which is ever more important as 24x7 payment infrastructure proliferates, and responding to volatility becomes vital," the bank said.
JPMorgan introduced JPM Coin in 2019 to enable institutional clients to make wholesale payments on a blockchain. Last month it reached the milestone of handling $1 billion of transactions daily, though this remains a trivial figure compared with the $10 trillion the bank moves every day in total.
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