Ant International Processes Billions of Dollars Using JPM Coin

Global investment bank JPMorgan has released a report titled "Application of Programmability to Commercial Banking and Payments," collaborating 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.