The latest user of JP Morgan’s Kinexys Digital Payments is BMW Group, which has automated conversions from euros to dollars as part of transfers from Frankfurt to New York. It used a combination of on-chain FX and programmable payments on the bank’s distributed ledger technology platform to automate the transaction outside of normal operating hours. A key use case for Kinexys Digital Payments is for large corporate treasuries to manage their balances across jurisdictions 24/7 and in real time. Currently it supports dollars, euros and pounds.
JP Morgan first unveiled the FX functionality with Ant International as the launch customer. That was followed by Siemens and B2C2 adopting on-chain FX in October. BMW is the first to combine on-chain FX with programmable payments.
“We implement a stringent roadmap for real-time treasury on the basis of blockchain technology and other technological innovation developments,” said Stefan Richmann, Head of BMW Group Treasury. “The very first fully automated and programmable payment represents a leap forward for us and will allow us to make payment processes faster and more seamless.”
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