According to a report by Bloomberg, German automaker BMW has started using a blockchain system to automate some foreign exchange transactions, reflecting the business community's accelerated adoption of the underlying technology of crypto assets to expedite and simplify cross-border payments worth billions of dollars.
According to a statement released on Tuesday, BMW is using JPMorgan's Kinexys platform to automatically draw funds from its euro account in Frankfurt when the balance of its New York dollar account falls below a specific threshold.
Kinexys global co-CEO Naveen Mallela stated in an interview that Kinexys has high-speed and programmable characteristics, which can reduce the capital buffer that BMW must reserve due to the risk of insufficient funds. Through this system, transfers can be completed around the clock within seconds without the need for human intervention, no longer limited by traditional bank operating hours.
BMW's plan indicates that more and more companies are becoming interested in using blockchain systems. They are seeking to automate some financial operations and explore how to integrate artificial intelligence to manage cash and liquidity more effectively within their global operating structures.
According to Stefan Richmann, head of the Financial Department of the BMW Group, Kinexys's "programmable" feature is key. He stated that this allows transactions to be "automatically executed according to pre-set conditions, without manual intervention."
Related reports: (J.P. Morgan will provide real-time settlement services for US dollars and euros through blockchain)
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