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Blockchain

Programmable payments: automation becomes reality 

J.P. Morgan and Siemens' proof of concept heralds new era for treasury using Onyx, the world’s first blockchain-based platform for payments transactions


In a move that will forever redefine the role of corporate treasuries, J.P. Morgan and Siemens AG have tested an automated treasury solution, programmable payments.

This industry-leading product is a first-of-its-kind innovation: J.P. Morgan developed the technological banking infrastructure using Onyx, the world’s first blockchain-based platform for payments transactions, and applied the technology to Siemens’ business use cases to address real-world pain points.

Programmable payments facilitate an automated process, that can respond to real-time events. Following pre-programmed rules, payments are initiated any time conditions are met, removing the need for human intervention to discover, calculate and confirm the required conditions needed before a payment can be executed.

The result can be transformative, allowing much faster transactions and resolving a common liquidity problem for businesses – needing to assign excess liquidity buffers during periods of treasury team downtime, such as weekends, bank holidays and overnight.

With this offering, the role of corporate treasuries is redefined. Rather than rely on next-day processing, manual monitoring, and forecasting models, payments are instead initiated based on accurate, live events. With programmable payments, treasury moves from a static entity to a responsive, real-time, dynamic entity, allowing banking capabilities to be embedded natively into business processes – and upending the traditional financial services model.

Global Head of Coin Systems for J.P. Morgan’s Onyx, Naveen Mallela, said: “In a 24/7 society, payments should be available 24/7 too. 

There has been talk of programmable, real-time payments for years, and using J.P. Morgan’s proprietary Onyx Programming Language, this has now become a reality.
 

Naveen Mallela, Global Head of Coin Systems, Onyx

We are delighted that Siemens joined us on this journey to take first-mover advantage of the advances in banking technology that J.P. Morgan is developing. This work is just the beginning”.

Heiko Nix, Head of Cash Management and Payments, Siemens AG: “This new technology is one of the foundations for developing a real-time treasury at Siemens. In today’s fast changing environment, speed is critical for a focused technology company like ours, as new digital technologies and business models like pay-per-use or subscriptions models enter the market in ever-shorter cycles. These business models require a high degree of automation as we expect a significantly higher number of payments with much lower amounts at the same time, especially when it comes to micropayments. To manage this efficiently in the future, we are working with J.P. Morgan to build the financial infrastructure and digital capabilities for Siemens already today.”

 


 

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The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.

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Treasury and Payments News Blockchain Innovation