Fintech Nexus Newsletter (November 10, 2023): JPMorgan brings programmable money to banking

For years, Big Tech has been edging in on financial services, largely without the regulatory constraints befitting a bank or credit union, despite operating similar services. 

But that may all come to an end soon if the CFPB’s latest proposal comes to pass. 

One of the big appeals of digital currencies has been it’s programmability. Being able to bake in rules for a currency opens out a whole world of possibilities. 

The crypto world has used this capability for some time, and with more traditional finance figures eyeing up digital assets, it was just a matter of time before one took the plunge. 

As one of the largest and most influential financial firms in the US, it is perhaps unsurprising that JP Morgan would be the one to do it. Today, the company announced that they had added a programmable payments feature to their private permissioned blockchain-based JPM Coin.

So what does this mean? Well, in short, it’s a great day for automation. Companies who use the JPM Coin can program automatic payments based on the parameters they choose. 

Examples (given by JP Morgan) of why you would want to do that include earning more income on interest-generating deposits, eliminating the need for standing orders, and automatically shifting funds to cover margin calls.

Apparently, Siemens AG is already using the capability and has created accounts that automatically transfer funds to avoid shortfalls. And this is just the first thing they plan to use it for…


JPMorgan Adds Programmable Payments ‘Holy Grail’ to JPM Coin

By Decrypt AI, Edited by Stephen Graves   

The new feature enabling the automated transfer of funds has already been employed by German firm Siemens AG.


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PODCAST Eric Shoykhet, CEO & Co-Founder of Link Money on establishing pay-by-bank in the U.S.
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  • USA: Buy Now, Pay Later Lender Is Surfing the Private Credit WaveAffirm appears to be finding demand for its loans from investors looking to tap in to the higher yields it can offer them.
  • USA: Home Loan bank reforms could raise bank funding costs — if they happenChanges being considered by the Federal Housing Finance Agency would make liquidity more expensive and complicated to obtain. But first, those reforms will have to overcome the political power of a wide range of financial institutions that benefit from the status quo.
  • USA: Deel Hits $400 million in Annual Recurring Revenue, as Rippling Rivalry GrowsDeel, a human resources startup last valued at $12 billion, has hit $400 million in annual recurring revenue, a senior sales director at the startup said last month, up from a pace of $295 million in January. 
  • USA: BlackRock’s Ethereum ETF Plan Is Confirmed in Nasdaq FilingThe world’s largest asset manager already made waves by seeking to list a bitcoin ETF
  • Global: The next wave of fintech should focus on human relationshipsAs we look ahead to fresh innovations in fintech, we should try to reconnect with a deeper, more intentional set of human relationships foundational to our experience of money.
  • USA: Despite a strong third quarter, banks might have to adapt to big changes coming in 2024Earnings season kicked off with a majority of banks reporting strong third-quarter results. While the common underlying theme in Q3 was increased write-offs, it still rained profits for most of the big banks, mainly on the back of high-interest rates. 
  • USA: Why the CFPB Proposal for Big Techs May Affect the Entire IndustryAfter issuing a major report smacking Apple Pay and buffeting Google Pay the Consumer Financial Protection Bureau has followed up two months later with a proposal to subject the top 17 digital payment tech firms to examinations — even on-site visits by bureau teams.
  • Europe: EU business crowdfunding is now bound by bloc-wide regulationsAll business-focused crowdfunding platforms wishing to operate within the EU must now comply with a new uniform EU-wide regulatory framework.

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