BMW adopts JPMorgan's Kinexys to automate FX transfers

BMW has adopted Kinexys, a blockchain-based payment system developed by JPMorgan, to automate some of its foreign exchange transfers, Bloomberg reported. The automaker has configured the system to automatically transfer funds from its euro account in Frankfurt whenever the dollar balance in its New York account falls below a specific threshold. JPMorgan stated that the system's speed and programmability enable BMW to reduce the capital buffer it must hold to cover potential funding shortfalls.