BMW adopts JPMorgan's blockchain settlement system Kinexys to automate foreign exchange transfers

German automaker BMW Group (BMW AG) has begun using a blockchain-based system to automate part of its foreign exchange transactions, as companies increasingly seek to leverage the technology behind cryptocurrencies to accelerate and simplify the billions of dollars in cross-border payment processes.

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