Siemens Leverages J.P. Morgan’s Automated Blockchain Payments
Programmable payments are not just a neat demonstration of the power of automation, they can also be a foundation stone for the development of real-time treasury.
In December 2021, J.P. Morgan and Siemens tested a new ‘first-of-its-kind’ automated treasury solution called programmable payments. The trial system was facilitated by the bank’s earlier development of its Onyx technological infrastructure, a blockchain-based platform for payments transactions.
By combining these technologies, and then applying them to a number of real-world pain points, Siemens now had access to a groundbreaking automated payments tool using pre-programmed rules that initiate a response to events, in real-time, whenever certain conditions are met.
The programmable nature of these instructions removes the need for human intervention before a payment can be executed. This means much faster transactions, potentially resolving a common liquidity problem for many businesses: assigning excess liquidity buffers during periods of international cut-off times, such as weekends, bank holidays and overnight.
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