According to a Financial Times report, JP Morgan’s Onyx blockchain unit is working with Siemens for blockchain-based automated payments.
For Siemens, the motivation isn’t to address current payment levels but to cope with pay per use and digital business models coming on stream. These less predictable cash flows mean the company needs to move money around between internal Siemens accounts, ideally in an automated fashion, which is where Onyx comes in.
Last year JP Morgan went into production with its JPM Coin system, enabling 24/7 cash movements within the JP Morgan network. JPM Coin is not a stablecoin, just a tokenized representation of bank account money, making it programmable.
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