JPMorgan to Develop Payment Blockchain System for Siemens: Report

Wall Street bank JPMorgan Chase has partnered with German industrial group Siemens to develop a blockchain-based system for payments, the Financial Times reported on Monday.

The system will be used to automatically transfer money (in U.S. dollars for the time being with euros to be supported next year) between Siemens’ own accounts.
The application would be geared toward the automation of the various actions required in the recording and verification of payments, the report added.
The infrastructure uses JPMorgan’s blockchain unit Onyx, of which Siemens is the first anchor client.
The U.S. banking giant has a pipeline of clients for the Onyx system, said Naveen Mallela, Onyx’s global head of coin systems. The infrastructure will take programmable payments beyond current uses like direct debits and standing orders, Mellela said.
This development represents the growing appetite among the world’s major institutions to harness blockchain technology to improve the efficiency and cost of their day-to-day operations.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.