Paradigm shift: JPMorgan launches Programmable Payments 💸; Block cuts costs while diversifying revenue streams 📈; BlackRock files for Ethereum Spot ETF in potential gamechanger for crypto 😳

FinTech is Eating the World, 10 October

Hey Everyone,

TGIF! Today’s issue is like a cheery on top of an amazing week 🍒 We’re going to look at JPMorgan launching programmable payments (why this is a game-changer + more dives into how JPM is crushing it in all things finance), Block that’s cutting costs while diversifying revenues (what’s next & why you can remain bullish), and BlackRock that filed for Ethereum Spot ETF (this is another pivotal moment for crypto). Let’s jump straight into the thrilling stuff 🌶

Paradigm shift: JPMorgan launches Programmable Payments 💸

The news 🗞️ Banking giant JPMorgan JPM 0.00%↑ has launched a groundbreaking new feature that allows programmable payments on its blockchain platform JPM Coin.

This marks a significant milestone in bringing smart contract functionality to institutional banking.

Let’s take a look.

More on this 👉 The programmable payments system was developed by JPMorgan's blockchain unit Onyx. It enables users to set customized rules for payments such as automatically funding accounts based on shortfalls or executing transfers contingent on events.

The flexible "If-This-Then-That" interface brings automation and 24/7 real-time capabilities to treasury operations. Companies can optimize working capital, enable dynamic business models, and scale operations more easily.

Siemens successfully tested the system by addressing potential account shortfalls. FedEx and Cargill will also adopt programmable payments within weeks.

The solution is accessible via a new portal on JPMorgan's online treasury platform JPM ACCESS. It expands the possibilities beyond limitations and rigid rules that have historically confined payment functionalities.

Here’s why it could be huge: