BMW uses JPMorgan Chase's Kinexys blockchain settlement system to automatically process foreign exchange transfers.
according to Bloomberg, that German automaker BMW Group (BMW AG) has started 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 billions of dollars in cross-border payment processes. The company uses JPMorgan Chase & Co.'s Kinexys platform, which automatically transfers euros from the Frankfurt account when BMW's dollar account balance in New York falls below a set threshold.
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