The bank's token, JPM Coin, currently processing $2 billion in transactions daily, will be used for payment processes.
JPMorgan leverages Blockchain for cross-border payments
JPMorgan, the largest bank in the United States, has announced plans to provide fast payment services for currency transactions between the dollar and the euro. Over time, the bank intends to expand the service to include the British pound.
The payment system will use JPM Coin, built on JPMorgan's native blockchain called Kinexys, processing over $2 billion in transactions every day.
Currently, JPM coin allows participating institutions to make payments in dollars and euros. Although the project is one of the few cases of a large bank deploying a digital ledger on a wide scale, it only manages a small part of the $10 trillion that JPMorgan moves each day.
The ability to convert between dollars and euros of JPM coin with instant payment is the next feature. The bank is also proceeding with the necessary approvals to add the British pound as a payment option.
Depending on the currency combination, traditional foreign exchange payments usually take one to two days. However, this fast payment service will allow one of the largest payment facilitators in the world to attract new customers, including fintech companies.
What do you think about JPMorgan introducing an instant payment platform for international currency conversion? Let wendy know in the comments below.
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