JPMorgan to help Siemens build a blockchain-based payment system
JPMorgan Chase, an American multinational investment bank, is helping Siemens, a German multinational conglomerate corporation, build a blockchain-based payment system for the latter. In a report from Financial Times from December 20, it was mentioned that this would be a first-of-its-kind application for the German industrial group's payments.
JPMorgan and Siemens working together
JPMorgan and Siemens will work together to develop the new blockchain-based payment system, as per the report. Furthermore, the reason for the integration of this new blockchain-based payment system is the rise in demand for pay-per-use and the huge number of payments it needs to process due to the same."If the business would stay the same as it is today, I would say we are fine regarding our treasury set-up. We can automate a bit, and maybe, we reduce costs and cash allocation," Heiko Nix, head of cash management and payments at Siemens, told the Financial Times.
The need for automation was highlighted by the Siemens representative to FT. He revealed that Siemens is "seeing a huge change due to the emerging digital business models." JPMorgan and Siemens declined to comment on the volume of transactions that this new system will support but said that the transactions would occur between Siemens' own accounts in USD. However, there are plans to support Euro next year.
Onyx developed the infrastructure
The infrastructure of the entire payment service was devised by Onyx, the blockchain unit of JPMorgan. Naveen Mallela, global head of coin systems at Onyx, revealed that the current infrastructure for payments "falls short" because they want "more flexible rules or flexible triggers."Furthermore, as per FT, JPMorgan has a number of clients in front of which it would like to present this new blockchain-based payment system. However, the first client for the firm will be Siemens.
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