JPMorgan improves JPM Coin with a programmable payment feature
JPMorgan Introduces Programmable Payments for JPM Coin Users Customers can now automate payments based on predefined conditions. The move aims to increase flexibility and responsiveness in transactions.
In a strategic move to adapt its 24×7 crypto payment infrastructure, JPMorgan has introduced a new feature for users of JPM Coin, a blockchain-based settlement token.
Instead of relying on standing orders, customers can use scheduled payments to automate transactions based on pre-set conditions.
Adapting to the dynamics of the crypto market
Traditionally, JPMorgan's clients had to set up standing orders so that payments could be made at specific times, limiting their ability to respond dynamically to market events. With the introduction of programmable payments, users can now schedule their accounts to initiate payments when relevant requirements are met. This includes things like covering overdue payments or handling margin calls.
“The new feature will help customers respond dynamically to events, which will become more important as the 24×7 payment infrastructure expands and reacts to that flexibility,” the bank said in an email announcement.
JPM Coin Chapter for JPMorgan
In order to facilitate institutional customers making bulk payments on the blockchain, Introduced in 2020, JPM Coin recently hit a milestone, handling $1 billion in daily transactions. However, this amount represents only a fraction of the $10 trillion that JPMorgan moves every day.
The addition of programmable payments to JPM Coin aligns with a broader industry trend of incorporating blockchain technology and increasing automation to increase efficiency and responsiveness in financial transactions.
As the financial giant continues to explore new solutions, the move demonstrates its commitment to remain at the forefront of technological developments in the financial sector.
