FAB and JP Morgan pilot programmable payments
Having banks supporting programmable and smart payments is a big step to improving payment efficiency and automation.
Cite or link to this article
Griffin, M. (2024) 'FAB and JP Morgan pilot programmable payments', 311 Institute, 21 October. Available at: https://www.311institute.com/fab-and-jp-morgan-pilot-programmable-payments/ (Accessed: 1 October 2026).
First Abu Dhabi Bank (FAB) has announced they’ve successfully completed a pilot using programmable payments with JPM Coin through Onyx by JP Morgan which enables payments to be triggered at specific times or events, FAB said in a press release.
“This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and JP Morgan’s mutual clients,” the release said. “This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities.”
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The pilot included FAB’s successful completion of time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation, according to the release.
This innovation can provide flexibility to clients, enable banks to build a wide range of programmable scenarios, and allow treasurers to transition from cash forecasting to dynamic or Just-In-Time (JIT) funding, the release said.
The pilot will also lay the groundwork for use cases like automated and conditional invoice payments, margin funding and settlement solutions, per the release.
Naveen Mallela, head of Onyx said in the release: “We are delighted to work with the FAB to extend our programmable payment offerings to multi-bank use cases. We believe that digital programmable ledgers will form the foundations for the finternet in the coming years.”
Onyx also said in November 2023 that it had recently launched programmable payments through JPM Coin and that multinational conglomerate Siemens AG became one of the first companies to utilize the feature.
Meanwhile Peter Rathgeb, group treasurer of Siemens AG, said at the time that programmable payments provide the ability to leverage 24/7 blockchain-based bank accounts combined with programmability, which will enhance automation, optimise working capital utilisation, and support data-driven digital business models.
It was also mentioned that JP Morgan aims to use its blockchain services to boost its corporate banking market share in Switzerland as well as that those services are already being used in Germany by companies like Siemens, and that with the help of those and other offerings, the bank is working to grow its corporate banking business in Switzerland over the next three to five years.
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Having banks supporting programmable and smart payments is a big step to improving payment efficiency and automation.
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Matthew Griffin Founder, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
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Sources and further reading
- First Abu Dhabi Bank bankfab.com
- Coin system jpmorgan.com
- Onyx by JP Morgan jpmorgan.com
- Fab successfully pilots programmable payments through onyx by jp morgan bankfab.com
- Naveen mallela 57811b1 sg.linkedin.com
- Siemens AG siemens.com
- Peter rathgeb 7877a6a4 de.linkedin.com
Source: first published by the 311 Institute on 21 October 2024. Cite as: Griffin, M. (2024). FAB and JP Morgan pilot programmable payments. 311 Institute. https://www.311institute.com/fab-and-jp-morgan-pilot-programmable-payments/
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