According to the Financial Times, JPMorgan Chase has teamed up with Siemens, a German industrial conglomerate, to develop a blockchain-based payment system.

The system will transfer money between Siemens' own accounts automatically (for the time being in US dollars, with euros to be supported next year). 

According to the report, the application would geared toward automating the various actions required in the recording and verification of payments. Siemens is the first anchor client of JP Morgan's blockchain unit Onyx, which is used to build the infrastructure. According to Naveen Mallela, Onyx's global head of coin systems, the US banking giant has a pipeline of clients for the Onyx system. 

According to Mellela, the infrastructure will expand the use of programmable payments beyond current applications, such as direct debits and standing orders. This development reflects a growing desire among major institutions around the world to use blockchain technology to improve the efficiency and cost of their daily operations.

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