Siemens and digital asset market maker B2C2 have adopted on-chain FX swaps as part of JP Morgan’s Kinexys Digital Payments, its blockchain-based bank account offering that supports USD, EUR and GBP. The bank first announced the FX swap capability in August when it said Ant International was using it. The key benefits of Kinexys include the ability to make near instant cross border payments and to use programmability.
Siemens’ Treasury function has pioneered blockchain adoption, becoming the first client to use Kinexys (formerly Onyx) in 2021 and the first to use programmable payments in 2023. Beyond its Kinexys involvement, the company has also participated in Germany’s Commercial Bank Money Token pilots and was the first large industrial to issue a bond on a public blockchain.
Siemens is using the Kinexys FX solution for USD and Euros. Heiko Nix, Global Head of Cash Management and Payments at Siemens, said the solution was about “simplifying transactional FX in real time, overcoming time-zone barriers, and mobilizing cash precisely when and where it’s needed. For us, this is not only about optimizing working capital today, but also about shaping how a real-time, truly global treasury will operate in the future.”
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