Blockchain Adoption: JP Morgan Begins Euro-Denominated DLT-based Payments for Corporates

JP Morgan (NYSE: JPM) has started Euro-denominated blockchain-based payments for corporates.

As first reported by Bloomberg, JPMorgan processed more than $300 billion since the system went live.

JPMorgan Chase & Co. has been able to successfully expand one of the most notable initiatives that aims to leverage blockchain tech to enhance traditional banking processes. This update introduces Euro-denominated digital payments for corporate customers that are using the JPM Coin.

JPM Coin, which the banking institution introduced back in 2019 to help clients transact with US dollars, had officially gone live with Euro transactions this past Wednesday.

This, according to Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the MENA region. Notably, Germany’s Siemens AG carried out the first-ever Euro payment on the platform, Toprak revealed.

A Siemens spokesperson has now confirmed the cross-border transfer.

In other recent news from JPMorgan Chase, it was reported that Teresa Heitsenrether was appointed to serve as the Head of a data and analytics division. This, according to a report from Bloomberg on Wednesday (June 21, 2023).

This new appointment is part of the banking institution’s wider focus on artificial intelligence, which Chief Executive Jamie Dimon has described as being vital for the banking giant’s long-term success.

According to an update from Bloomberg, Dimon noted that artificial intelligence is “critical for the bank” and “critical to the company’s future success.”

Heitsenrether’s recent appointment to this leadership role, which is now effective immediately, has been made because of her extensive industry expertise.

A key JPMorgan staff member, she worked as head of the securities services unit for the last 8 years. She will now continue to report directly to President Daniel Pinto and be a part of the institution’s senior leadership team.

The establishment of this data and analytics division is a key move for JPMorgan, as it confirms the banking institution’s focus on harnessing the power AI to streamline its business operations and provide innovative services to its customers.

Heitsenrether’s key leadership role should be vital in accelerating this initiative forward.

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