BMW Executes First Onchain Programmable FX Transaction Through JPMorgan Network

• BMW completes first fully automated onchain EUR-USD FX transfer via JPMorgan’s Kinexys.
• Pre-set treasury conditions trigger real-time, cross-border settlement without manual steps.
• JPMorgan advances programmable payments as Kinexys handles its first onchain FX workflow.

BMW Group has carried out what both companies describe as the first fully automated foreign-exchange transaction processed through JPMorgan’s Kinexys Digital Payments network. The move marks a shift in how the automaker manages cross-border liquidity, as the onchain process allowed the company to complete a EUR-to-USD conversion using instructions programmed in advance by its treasury teams.

According to information released on Tuesday, BMW’s German and U.S. treasury units configured a set of pre-defined conditions within JPMorgan’s Programmable Payments application. These conditions governed balance checks, automatic deposits, and the real-time execution of FX transactions. Once triggered, the network moved funds between BMW Group’s Blockchain Deposit Accounts in both regions, completing the workflow within the Kinexys system.

JPMorgan said the automated process represents the first instance of its permissioned blockchain infrastructure handling an end-to-end onchain FX payment executed through preset logic. The bank added that the system is designed to support 24/7 settlement cycles for multi-currency flows.

Treasury Management Objectives Shape Adoption

BMW stated that the operation forms part of a broader plan to incorporate real-time digital infrastructure into its global treasury processes. Stefan Richmann, who oversees BMW Group Treasury, said the firm is following a roadmap focused on applying blockchain technology and similar tools to accelerate routine financial operations. The company indicated that programmable settlement enables faster payments and may streamline parts of its liquidity coordination across international entities.

JPMorgan, which has spent several years testing permissioned applications modeled on Ethereum-based systems, noted that the transaction showcases how programmable conditions can govern settlement without requiring manual approval stages. 

In its announcement, the bank said its current work includes extending programmability features across its digital payment products, including those linked to its blockchain-based deposit token, JPM Coin.

Kinexys Digital Payments is part of JPMorgan’s ongoing development of blockchain-enabled settlement mechanisms for institutional clients. Tuesday’s announcement highlighted that the BMW transaction is the network’s first programmable FX payment conducted onchain, utilizing automated logic defined entirely by the corporation’s treasury teams.