BMW adopts JPMorgan's blockchain settlement system Kinexys to automate foreign exchange transfers
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According to Jinse Finance, Bloomberg reported that German automaker 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 billions of dollars in cross-border payment processes, BMW is utilizing JPMorgan Chase & Co.'s Kinexys platform. When BMW's US dollar account in New York falls below a set threshold, the system automatically transfers euros from its Frankfurt account.
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