BMW Launches Automation of Cross-Border FX Transfers with JPMorgan's Kinexys Blockchain Technology
BMW Adopts Blockchain for Forex Operations: BMW AG has implemented a blockchain-based platform, JPMorgan Chase's Kinexys, to automate foreign exchange operations, allowing for instantaneous cash reserve transfers between its European and US accounts.
Enhanced Efficiency and Reduced Manual Intervention: The blockchain system enables transactions to be executed automatically based on predefined conditions, minimizing the need for manual oversight and allowing BMW to operate with less idle capital.
Ongoing Blockchain Initiatives: BMW has been exploring blockchain technology since 2019, utilizing it in supply chain management and purchasing to track components and materials, and has plans to expand its blockchain applications further.
Leadership Transition at BMW: Milan Nedeljkovic has been appointed as the new CEO of BMW, set to take over from Oliver Zipse in May 2024, as the company continues to navigate its transformation and technological advancements.
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