JP Morgan Chase and Siemens team up for the development of a Blockchain payment system

According to the British Financial Times, US bank JP Morgan has partnered with German conglomerate Siemens to develop a blockchain-based payment system.

JPMorgan Chase will develop a new distribution technology (DLT) payment system for Siemens.

According to the report, Siemens will use the payment blockchain to further expand its payment services. The company said it faces more payments because it uses the payment model, which has become popular today.

Therefore, the company hopes to experiment with new blockchain technologies that underpin Bitcoin and other cryptocurrencies. In addition, the CEO of Siemens told the Financial Times that new digital business models are emerging and business models are always starting to become unable to compete with them.

JPMorgan Chase will develop a new digital system for Siemens that will be used for automatic cash transfer from all Siemens funds. So far this money has been returned in US dollars, but from next year he plans to request payment in euros. Siemens did not mention the payment for the new blockchain system to be made.

CoinDesk Reports:Siemens is the premier provider of JPMorgan's new DLT payment service, developed by blockchain distributor Onyx. The bank said that although many consumers have aligned themselves to try this blockchain payment model, they ultimately chose Siemens as their first consumer product model.

This application is designed to automate the many steps and tasks that require the collection and analysis of payments. It also accepts non-standard payment options including direct charges and refunds. The system will benefit greatly from JPMorgan Chase's Onyx system and Siemens is now a consumer of stone products.

At the same time, banks seem to trust blockchain more than cryptocurrencies and are starting to integrate DLT systems into their operations. This latest update shows that many people familiar with the business are interested in using blockchain technology to increase efficiency and improve day-to-day operating costs.

It is also a cross-border effort that makes it easier for blockchain to find a broader domain in financial services.

In a statement released in conjunction with PYMNTS and Circle, a study of 250 executives indicated that blockchain has the potential to be strong for global operations.

The PYMNTS study shows that despite the new payment options, many financial companies continue to decline their interest in new cross-border payments, especially in the B2B sector.

About 58% of global businesses use cryptocurrency at least for some of their operations, whether through investments or payments. PYMNTS also found that 56% of cross-border businesses use at least one blockchain network. The data shows that they mainly use public networks, 37% use only public networks and 15% use both public and private networks.

Since the success of cross-border commerce is limited, the use of blockchains, as well as businesses and financial institutions that wish to use blockchains, has had a major impact. Bank transactions mean that both banks are required to open national exchange bureaus. It can be a laborious and expensive exercise.

Naveen Mallela, Global Head of Onyx Monetary System, said: “The bottom line that I have told many banks is whether the market needs to be integrated. . It's about collaboration, business across platforms, and collaboration. "

The focus on the technology and the platform (usually the blockchain which supports everything) not only provides the initial platform for JPMorgan Chase's own JPM Coins, but also extends the digital business to the general. In the future, multinational companies will gradually see the positive effects of Siemens' approach and follow it.