JPMorgan is making headlines following the latest reports. Check out the news involving the huge bank below.
JPMorgan in the spotlight
JPMorgan processes a substantial daily volume via its JPM Coin payment system, revealed Takis Georgakopoulos, the company’s global head of payments.
“Today we move $1 billion every day through JPM Coin for a number of large companies,” Georgakopoulos told Bloomberg Television earlier today.
Although it represents only a small portion of JPMorgan’s $10 trillion in daily payments through its traditional platforms, the amount of transactions processed by JPM Coin is still significant.
This indicates that JPM Coin has gained substantial popularity in recent months.
According to reports from June, JPM Coin had processed over $300 billion in transactions since its launch in 2020. With a current daily transaction rate of $1 billion, the bank is expected to reach that amount within the next year.
Currently, JPM Coin’s retail version is not available. It is only accessible to the bank’s wholesale or corporate clients, but the plan is to expand the system to retail consumers.
“The next step in [JPM Coin] journey is to think about how you can create a more retail version of that so that you can bring that same efficiency to consumers,” Georgakopoulos said.
JPM Coin is a blockchain-based payment system that operates on permissioned access, allowing only the bank’s wholesale clients to transfer U.S. dollars and Euros.
The system is available 24/7 and enables faster transactions, enabling clients to initiate payments just before they are due, thereby improving liquidity management.
While JPM Coin is designed for intra-bank value transfer, JPMorgan is also involved in a project called Partior, aimed at developing an inter-bank settlement and clearing system.
Partior was founded in 2021 by JPMorgan, DBS, and Temasek Holdings with the objective of improving cross-border payments. Standard Chartered became a founding shareholder in Partior after investing an undisclosed amount last year.
