JPM Coin from JPMorgan Chase can be programmed to automatically make payments when certain conditions are met.

According to CoinDesk's report, the U.S. financial giant JPMorgan Chase has added programmable features to its blockchain-based settlement token JPM Coin, allowing users to automate payments when certain conditions are met.

JPM Coin Trading Volume Reaches $1 Billion

JPMorgan has successfully developed the JPM Coin system based on blockchain technology, allowing corporate clients to transfer US dollars and euros between internal accounts at the bank. Since its launch, the system has processed around $300 billion in transactions. By the end of October, JPMorgan claimed that JPM Coin was handling daily transactions worth up to $1 billion. However, compared to JPMorgan's overall daily transactions of $10 trillion, there seems to be significant room for growth.

Customize Programming Conditions to Automatically Trigger Payment Conditions

According to a recent report by CoinDesk, the JPM Coin system now allows customers to set conditions for fund transfers, such as making payments for overdue payments or adding collateral. Previously, fund settings were limited to regular instructions for payments at specific times.

With the increasing 24x7 payment infrastructure, this new feature enables customers to respond more promptly to unforeseen events, such as adding collateral. Customers can program more complex conditions themselves, and when the relevant criteria are met, the system can automatically initiate payment and related processes.

JPMorgan Plans to Issue Digital Deposit Tokens

Since the current JPM Coin can only be used internally at JPMorgan Chase, the bank has recently begun actively exploring the possibility of digital deposit tokens. The new deposit tokens will have broader applications, including facilitating transfers to customers of other banks and settling transactions for tokenized securities or financial instruments issued on the blockchain.

However, JPMorgan explicitly stated that they respect the regulatory review process and, once approved, aim to introduce this product for corporate clients within a year.