JPMorgan implements programmable payments using blockchain tech
JPMorgan Chase & Co (JPM), using one of the most famous blockchain technologies in modern banking, has just implement ed a new feature that lets companies immediately carry out their transactions. JPM Coin now enables clients to program their accounts by incorporating a set of crucial conditions. This functionality empowers them to transfer funds to address overdue payments and margin calls. Additionally, there are prospects for leveraging this feature to capitalize on variances in exchange rates, as reported by Bloomberg on November 10. Leveraging blockchain technology, transfers are nearly instantaneous and available 24/7, in contrast to traditional banking, where transactions are typically batched during working hours. The recent addition to JPM Coin eliminates the necessity for setting standing orders at specific times or amounts. Instead, the function activates when the pre program med criteria are met. “If you think of the current bank account provided by any financia...
