Siemens and B2C2 Sign-up to JP Morgan’s Onchain FX Platform

JP Morgan’s Kinexys platform has added two major players as German corporate Siemens and crypto market maker B2C2 both signed up to the 24/7 FX liquidity and payments service.

Kinexys by JP Morgan is the bank’s blockchain business unit, which provides cross-border payments and access to near real-time FX liquidity, translating into more secure and faster capital movements.

Siemens has successfully completed a near-instant dollar to euro cross-border payment on-chain, allowing the corporate to gain uninterrupted access to major currencies and enabling it to conduct treasury management more efficiently by overcoming limited settlement windows.

The German company integrated Kinexys Digital Payments into its treasury management platform four years ago, when it became the first client to use Kinexys Digital Payments deposit accounts to help it move money between global subsidiaries 24/7. Siemens has also been using the platform’s programmable payments solution since 2023.

B2C2, meanwhile, successfully completed a dollar to euro FX on-chain settlement and it plans to leverage the Kinexys platform for payments in dollar, euro and sterling. The liquidity provider has gained access to faster and more secure liquidity management by doing so, which allows it to enhance its offering to its institutional clients both in OTC and exchange-traded markets.

Heiko Nix, global head of cash management and payments at Siemens, says that the latest enhancement simplifies transactional FX because it allows treasury to overcome time-zone barriers and optimise its working capital, while working towards a “truly” global treasury operation in the future.

Thomas Restout, Group CEO of B2C2, adds that by leveraging onchain FX payments, the company can offer always-on settlement across major currencies, enhancing both the efficiency and resilience of its services.