JPMorgan to Develop Payment Blockchain System for Siemens: Report

The two companies have said this would be a first-of-its-kind application.

Dec 20, 2021 at 2:21 p.m. UTC
Updated Dec 20, 2021 at 9:14 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

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.

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown