Blockchain Payments | Nov 17, 2023

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JPMorgan Chase introduces programmable payments to JPM Coin digital payment infrastructure, its blockchain-based settlement token

• JPM Coin launched in 2019 and was designed to facilitate wholesale payments for institutional clients on a blockchain platform. As of last month, it reached a milestone of handling $1 billion in transactions daily. While this figure is still modest compared to the $10 trillion moved daily by the bank in total, it signifies the growing importance of blockchain technology in mainstream financial operations.

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• Programmable payments:  Users of JPM Coin can now set up their accounts to execute payments automatically based on predefined conditions. Previously, JPM Coin users had to establish standing orders for payments at set times.
• This capability allows for a more dynamic and responsive payment system, especially crucial in a financial environment that increasingly operates around the clock.  For example, payments can be programmed to cover overdue payments or margin calls when specific conditions are met, offering a more efficient way to manage financial obligations.

Growing Influence of Blockchain in Banking

• The expansion of JPM Coin’s transaction volume reflects a significant shift towards digital tokens in financial transactions, offering faster, more secure, and efficient payment solutions.

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• Further the introduction of programmable payments is expected to pave the way for more advanced applications of blockchain technology in various financial services, potentially leading to broader adoption and innovation in the sector.

One Inc and JP Morgan Partner on Insurance Claims Payments

• One Inc, a digital payments network for the insurance sector, has partnered with J.P. Morgan Payments. This collaboration enables insurance carriers to utilize J.P. Morgan’s liquidity and payments capabilities as part of One Inc’s digital claim payouts platform, enhancing the digitization and depth of the claims experience.
• Jason Tiede, Global Head of Corporate Development & Partnerships, J.P. Morgan Payments”  “The insurance vertical has very complex and unique requirements to drive further digitization in the industry, and as such, we are excited to partner with a leading vertical fintech solution like One Inc to unlock new capabilities for joint P&C insurance clients.”

Real Use Cases Emerging

The introduction of programmable payments is a game-changer that allows JPM Coin users to automate their transactions based on specific conditions, moving beyond the limitations of standing orders. This flexibility is crucial in today’s fast-paced financial environment, where responsiveness and adaptability are key to managing complex financial obligations efficiently.

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The advancements in blockchain payments, led by JPMorgan’s latest initiatives, are not just about technological innovation. They represent a more dynamic, secure, and efficient financial ecosystem.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/jpmorgans-new-programmable-payments-in-blockchain/