Kinexys by J.P. Morgan Enables FX Programmable Payments

BMW Group unlocked automatic EUR to USD foreign exchange (FX) to support its international treasury management by leveraging Programmable Payments on Kinexys Digital Payments, a private, permissioned blockchain network from J.P. Morgan. The first transaction involved automated balance checks, conditional auto-deposits, near real-time FX transactions and transfers between BMW Group’s Blockchain Deposit Accounts in Frankfurt and New York. This milestone marks the first time Kinexys by J.P. Morgan, the firm’s blockchain business unit, has enabled FX on its private, permissioned blockchain – known as making an ‘onchain’ payment – through pre-defined and fully automated instructions, representing a major advancement for institutional treasury management. According to a story in MarketsMedia news, BMW Group has set a new benchmark in treasury management automation, becoming the first corporate to execute a fully pre-programmed FX transaction using Programmable Payments on Kinexys Digital Payments.