Leading international bank JP Morgan is partnering with the largest industrial manufacturing firm in Europe Siemens. JP has created a structure for the manufacturer’s payments.
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A release by Financial Times, says the institutions presented a first-of-its-kind app.
The system is being used for automated transfers across accounts of Siemens. For the start, it's used for US dollars. Plans include adding euro in 2022. The amount of payments done via the new app hasn't been disclosed yet. Siemens together with JPMorgan’s blockchain platform, Onyx, built the structure that expands the use cases of programmable financial activities along with the present use cases such as direct withdrawals and monthly pays.
Siemens said that the enhanced automation will help to implement a higher number of payments, adding that the increasing usage of transaction ways like pay per use will boost activities.
Siemens’ head of cash management and payments, Heiko Nix, told the media that the reason for the creation of the innovation payments system is the transformation due to developing digital business structures. Traditional financial institutions are exploring digital ledger tech that records, confirms pendings and supports cryptos, thus automating payments.