JPMorgan Leads the Way with Blockchain Payments

NEW YORK, NY, NOVEMBER 21, 2023: JPMorgan Chase & Co., a leading global financial services firm, announced the launch of programmable payments, a new feature powered by blockchain technology that enables businesses to automate fund transfers based on predefined conditions. ¹

This innovative solution marks a significant step forward in the bank’s ongoing efforts to leverage blockchain technology to enhance the efficiency and security of financial transactions.

Programmable payments empower businesses to establish specific criteria that will trigger automated payments. For instance, a payment can be configured to execute automatically when an invoice is due or a particular account balance threshold is reached. This level of automation eliminates the need for manual intervention, reducing the risk of errors and streamlining payment processes.

Introducing programmable payments builds upon JPMorgan’s pioneering blockchain initiative, Onyx. JPM Coin, a stablecoin pegged to the US dollar, is a critical component of Onyx. Launched in 2019, JPM Coin has revolutionized cross-border payments, facilitating faster and more secure transactions between JPMorgan’s institutional clients.

JPM Coin is a digital currency, or stablecoin, pegged to the United States dollar, developed and issued by JPMorgan Chase. It is designed to facilitate faster and more secure payments between institutional bank clients. Launched in 2019, JPM Coin is the first stablecoin to be backed by a major U.S. bank and is part of JPMorgan’s broader blockchain initiative, Onyx.

JPMorgan Chase is recognised as a frontrunner in exploring blockchain technology’s potential to revolutionise the financial landscape. The bank has consistently invested in developing blockchain-based solutions for various applications, including payments, trade finance, and supply chain management.

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