JPMorgan develops a payment blockchain solution for Siemens, according to the Financial Times

The Onyx division of JPMorgan, the U.S. financial group, is developing a payments solution for the industrial conglomerate Siemens, according to Financial Times.

The publication notes that Onyx is building a tool to automate Siemens’ internal payments. The settlements in the system are denominated in dollars, with euro support to come later.

“We have witnessed major changes driven by the emergence of digital business models,” said Heiko Nix, head of Siemens’ cash management and payments department.

In July JPMorgan opened 84 blockchain vacancies, related to blockchain. Many of them are expected to be filled in the Onyx unit, which focuses on distributed-ledger projects and the JPM Coin stablecoin.

In March JPMorgan placed 56 blockchain vacancies, some of which were tied to JPM Coin.

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