JPMorgan upgrades Siemens' payments system

Tuesday 21 December 2021 10:18 CET | News

US banking player JPMorgan Chase has partnered with Siemens to develop a blockchain system for the German industrial group’s payments.

Siemens said the improved automation is needed to process far greater number of payments it expects due to the growing popularity of payment models like pay per use. The system is being used to transfer money automatically between Siemens’ own accounts. It is currently only used for USD, but there are plans to allow EUR transfers in 2022. The companies declined to comment on the volume of payments the new system had processed to date.

The infrastructure, developed with Siemens by JPMorgan’s blockchain unit, Onyx, takes programmable payments beyond current uses like direct debits and standing orders, as representatives from Onyx say.

JPMorgan has a pipeline of clients that it would like to offer the new system, but Siemens is its first anchor client.

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Keywords: partnership, JP Morgan, payment processing, payments infrastructure
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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