BMW Automates Cross-Border FX Transfers with JPMorgan’s Kinexys Blockchain Platform
BMW just cut the middleman out of international money transfers. The automotive giant is now automating its cross-border foreign exchange operations using JPMorgan's Kinexys blockchain platform—a move that slashes settlement times and bypasses traditional banking delays.
From Swift to Swiftly
Forget waiting days for funds to clear across borders. The Kinexys platform executes FX transactions in near real-time, turning a process that once crawled through correspondent banking networks into a seamless, automated workflow. It’s a direct shot across the bow of legacy financial infrastructure.
The Corporate Ledger Revolution
This isn't just about speed—it's about control. By leveraging a permissioned blockchain, BMW gains an immutable, transparent record of every transaction. No more reconciliation headaches, no more opaque fee structures. The treasury department suddenly operates with the precision of a production line.
Why This Matters Beyond Bavaria
When a blue-chip industrial powerhouse like BMW adopts blockchain for core financial operations, it signals a tipping point. This is institutional validation on a grand scale, proving distributed ledger technology isn't just for crypto speculators—it's for moving real money in the real world. Even if that world still runs on dollars, euros, and the occasional cynical hedge against central bank whimsy.
The bottom line? The machines are now moving the money—and the banks are watching from the sidelines.
BMW’s blockchain interest started in 2019
BMW’s adoption of Kinexys is the latest juncture in its broader interest in blockchain systems for both financial and industrial operations. The company has spent years testing and deploying distributed ledger technology on its supply chain, a project that began in late 2019.
About three years ago, the carmaker had been using the blockchain in purchasing to track the movement of components and raw materials in multi-stage supply routes.
“We conducted a successful pilot project for purchasing front lights in 2019. This year, we want to expand the project to a large number of other suppliers,” said Andreas Wendt, a former management board member responsible for Purchasing and Supplier Network, in a company statement published in 2020.
The automaker created the PartChain initiative to build a common data LAYER shared across its supplier ecosystem, which reportedly delivered “near-instant access” to histories and certification data.
“PartChain enables tamper-proof and consistently verifiable collection and transaction of data in our supply chain,” Wendt said.
Two years later, around December 2022, layer-2 cross-chain platform Coinweb announced a partnership with the automaker to embed blockchain-based tools into BMW’s operations in Thailand.
According to a press statement from Coinweb, the collaboration WOULD also support a loyalty program built on a Software as a Service Web3 application. That system would allow BMW customers in Thailand to earn and redeem rewards through Binance’s BNB Chain, which was selected as the underlying network. Customers would collect rewards for different activities linked to their tier level and later spend them on BMW products or services.
Leadership changes as BMW deploys new technology
The company’s push into blockchain systems comes as BMW’s top offices prepare for a leadership transition. On Tuesday, the supervisory board appointed Milan Nedeljkovic as the company’s next chief executive officer, replacing long-time CEO Oliver Zipse.
Nedeljkovic, who is currently BMW’s head of production, will assume control on May 14 next year, and his mandate will run until 2031. The 56-year-old executive has been with BMW since 1993, when he joined the company as a trainee.
He later worked in several BMW locations in Germany and at the company’s plant in Oxford before joining the management board in 2019.
Supervisory board chairman Nicolas Peter surmised that Nedeljkovic has built a reputation for uniting teams and motivating them “to achieve peak performance,” which he deemed was “a crucial leadership quality for continuing the BMW Group’s successful trajectory during the current transformation.”
61-year-old Zipse will resign by mutual agreement on May 13 next year, the date set for BMW’s 2026 annual general meeting. Earlier this year, Airbus announced that Zipse could join its board of directors after completing his time at BMW. Peter credited him with steering the company through the 2019 pandemic and the “Neue Klasse,” BMW’s next-generation vehicle platform.
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