- JPMorgan introduces programmable payments for JPM Coin users.
- Clients can now automate payments based on preset conditions.
- The move aims to enhance flexibility and responsiveness in transactions.
In a strategic move to adapt to the evolving landscape of 24×7 crypto payments infrastructure, JPMorgan has introduced a new feature for users of its blockchain-based settlement token, JPM Coin.
Clients can now leverage programmable payments, allowing them to automate transactions based on preset conditions rather than relying on standing orders for payments to occur at predetermined times.
Adapting to crypto market dynamics
Traditionally, JPMorgan clients had to set standing orders for payments to take place at specific times, limiting their ability to respond dynamically to market events. With the introduction of programmable payments, users can now program their accounts to initiate payments when relevant criteria are met. This includes scenarios such as covering overdue payments or addressing margin calls.
In an email announcement, the bank stated that the “new feature helps clients to respond dynamically to events, which is ever more important as 24×7 payment infrastructure proliferates, and responding to volatility becomes vital.”
The JPM Coin milestone for JPMorgan
JPM Coin, introduced in 2020 to facilitate institutional clients in making wholesale payments on a blockchain, recently achieved a milestone by handling $1 billion in transactions daily. However, this amount represents only a fraction of the $10 trillion that JPMorgan moves on a daily basis.
The addition of programmable payments to JPM Coin aligns with the broader industry trend of incorporating blockchain technology and increasing automation to enhance efficiency and responsiveness in financial transactions.
As the financial giant continues to explore innovative solutions, the move reflects a commitment to staying at the forefront of technological advancements in the financial sector.
