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A JPMorgan report reveals that JPM Coin has processed billions of dollars seamlessly with Ant International, the global arm of Ant Group, which owns and operates Alipay. The report emphasizes plans for client-hosted blockchain nodes, currently controlled by JPMorgan, to increase decentralization and direct client connectivity.
JPMorgan Explores Programmable Banking and Payments With JPM Coin
Global investment bank JPMorgan has published a report titled “Application of Programmability to Commercial Banking and Payments,” created in collaboration with the Massachusetts Institute of Technology Digital Currency Initiative and Onyx Coin Systems at J.P. Morgan. The report explores the use of programmability in commercial banking and payments, featuring examples from JPM Coin and Programmable Payments, both of which are operational products from Onyx by J.P. Morgan.
JPM Coin is developed using a mix of blockchain-based and non-blockchain-based elements, collectively known as the JPM Coin platform. The blockchain components are based on Quorum, an EVM-compatible blockchain platform that adheres to the Enterprise Ethereum specification maintained by the Enterprise Ethereum Alliance. According to the report, the blockchain is currently deployed as a single-bank platform, with all nodes controlled by J.P. Morgan and hosted within the bank’s infrastructure. However, the report indicates that in the future:
Clients will be able to host nodes and connect directly to the JPM Coin platform.
JPMorgan’s programmable payments feature enables clients to define programmable instructions on the JPM Coin platform. These instructions can include a set of event triggers, conditions, and actions that are executed automatically.
Ant International, a leading global digital payment and financial technology provider, operates as the international arm of Ant Group, the owner and operator of Alipay. Ant International introduced Alipay+, a service designed to facilitate cross-border mobile payments by enabling users to make payments with their local e-wallets through Alipay’s network. This service supports 25 digital wallets and covers 88 million merchants across 57 markets. Although Ant Group was spun off from Alibaba in 2011, the two companies maintain close ties.
Partnering with over 70 global financial institutions, Ant International offers online payment channels for 1.2 billion buyers and 2 million sellers across more than 200 countries, servicing major global merchants and all Alibaba affiliates, the report highlights, adding:
Since inception, JPM Coin has processed billions of dollars seamlessly with Ant International.