Jpmorgan Has Initiated An Automated Payment System Using Jpm Coin.

JPMorgan took a significant step in the financial world by launching its developed payment system on its private blockchain. Payments made through JPM Coin, the bank's digital currency, will be utilized by major companies such as Siemens, FedEx, and Cargill.

JPMorgan, through its Onyx unit led by crypto-skeptical Jamie Dimon, has officially launched its proprietary blockchain-based payment system. Payments made through JPM Coin can now be faster and pre-programmable.

Naveen Mallela, the head of Onyx, emphasized the significance of this launch for the usability of JPM Coin in payments, stating, "This launch is a crucial milestone for the use of JPM Coin in payments."

Programmable payments refer to systems where transaction details are prepared in advance, eliminating the need for manual intervention later on. This feature allows payments to be executed faster and more seamlessly when combined with blockchain technology. It also prevents the need for additional transaction fees on weekends or other holidays.

Currently, programmable/automatic payments are only available to JPMorgan's corporate clients. Among the companies adopting this system during its adoption phase are German tech giant Siemens, American courier company FedEx, and American multinational agricultural corporation Cargill.

JPM Coin, announced by JPMorgan in 2019, reached a transaction volume of $1 billion last month. The bank's total daily transaction volume exceeds $10 trillion.