• BMW Group unlocks 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 industry-leading 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.

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.

BMW Group’s German and U.S. treasury teams pre-defined conditions through Programmable Payments that when met, enabled an automated, end-to-end FX transaction from EUR to USD*, which seamlessly transferred funds between Frankfurt and New York. The process was completed outside traditional settlement windows and without manual intervention, allowing BMW Group to optimize liquidity and achieve near-instant, multi-currency cross-border payments based on pre-set conditions.

Stefan Richmann, Head of BMW Group Treasury, said, “We implement a stringent roadmap for real-time treasury on the basis of blockchain technology and other technological innovation developments. The very first fully automated and programmable payment represents a leap forward for us and will allow us to make payment processes faster and more seamless.”

This transaction is a first-of-its-kind using Kinexys Digital Payments’ Blockchain Deposits Accounts and is a major step forward in bringing FX on to the blockchain through fully automated instructions.

Akshika Gupta, Global Head of Client Services for Kinexys Digital Payments at Kinexys by J.P. Morgan, said, “We’re proud to help global businesses unlock the combined benefits of programmable payments and 24/7/365 onchain FX settlement. Our singular focus is on building next-generation financial infrastructure and we are excited to work with our clients to realize the future of finance.”

BMW Group and J.P. Morgan Payments continue to collaborate closely to address the evolving needs of global treasury operations, driving innovation and efficiency in cross-border payments and liquidity management. BMW Group’s adoption of Kinexys Digital Payments’ Programmable Payments and onchain FX settlement highlights the transformative potential of blockchain-based payments infrastructure– simplifying complex workflows and enabling true 24/7/365 payment automation.

Ciaran Walsh, Head of Corporate Sales, EMEA, J.P. Morgan Payments, said, “We have a long-standing, collaborative relationship with BMW Group and look forward to working together to continue to innovate and drive efficiencies in global treasury management.”

Source: Kinexys by J.P. Morgan