Siemens makes first programmable payment via blockchain platform from JP Morgan

Major U.S. bank JP Morgan announced a new feature on its blockchain platform Onyx. Thus, programmable payments are now possible through the JPM Coin payment system.

The new feature is being launched along with the announcement of the first programmable payment from German giant Siemens. According to its own statement, future institutional customers include courier and logistics company FedEx and agricultural group Cargill.

"Programmability has been a key goal for digital currencies and token money from the beginning," explained Naveen Mallela, Head of Coin Systems at Onxy. "Our new offering makes payments programmable and ushers in the era of dynamic and event-driven infrastructure in the industry."

Dr. Peter Rathgeb, Group Treasurer at Siemens AG, said, "Advantages and features from the world of cryptocurrencies are now also available for fiat currencies, as JP Morgan offers 24/7 blockchain-based bank accounts combined with programmability."

Among other things, the new feature allows business customers to automatically make payments based on events. They can also set up a set of rules for dynamically funding a bank account in case of shortages.

Onyx is a blockchain-based platform from JP Morgan that aims to simplify wholesale payments through the use of new technology. Only in early September of this year did the New York-based bank announce a own token to want to develop blockchain-based payments.