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JPM Coin Enables Programmable Payments

JPMorgan is leveraging blockchain technology to let clients program their accounts to automatically move funds in response to certain conditions—such as to cover overdue payments and margin calls.

By Anna Irrera | November 10, 2023 at 06:37 PM
JPMorgan Chase & Co. headquarters in New York City on January 18, 2023.

One of the most high-profile blockchain systems in traditional banking has added a new feature that lets companies shift cash automatically. JPMorgan Chase & Co’s JPM Coin now allows clients to program their accounts by plugging in a set of key conditions, enabling them to move funds to cover overdue payments and margin calls. Further down the line, it may help them seize on differences in exchange rates.

Germany’s Siemens AG used the system this week, configuring its accounts to transfer money to fill potential shortfalls, Naveen Mallela, head of Coin Systems at JPMorgan’s blockchain division Onyx, said in an interview.

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