JPMorgan Chase has partnered with Siemens to create a blockchain-based system for its payments, according to sources reported by The Financial Times.
The infrastructure is being used for automated payments processing between the German group’s internal accounts according to the sources.
Heiko Nix, head of cash management and payments at Siemens, told the newspaper that higher levels of automation are needed to process the far greater number of payments that Siemens expects to process in future.
The system is only being used for US dollar transactions at present, but the sources said that Euro transactions are being planned for next year.
Nix told the newspaper the US bank had a pipeline of potential clients for the new solution, and neither company commented on the number of payments the newly developed system has processed so far.
The news comes as more financial institutions look to expand their blockchain-related operations, last month an internal memo revealed that Citigroup is planning to create 100 new roles focused on digital assets including blockchain and cryptocurrencies.
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