BMW adopts J.P. Morgan's blockchain settlement system Kinexys to automate foreign exchange transfers

BlockBeats News, December 9th, according to Bloomberg, German automaker BMW Group has started using a blockchain-based system to automate part of its foreign exchange transactions, as enterprises increasingly look to leverage the technology behind cryptocurrency to speed up and simplify the multibillion-dollar cross-border payment process.

The company is using JPMorgan Chase & Co.'s Kinexys platform, and when BMW's dollar account balance in New York falls below a set threshold, the system automatically reallocates euros from the Frankfurt account.