Siemens AG and digital asset firm B2C2 have joined JPMorgan Chase & Co.’s blockchain-based system for foreign exchange payments. The partnership was announced on Wednesday as more global companies begin using blockchain to move money faster and more efficiently.
According to a report from Bloomberg, the service lets both firms make cross-border payments in US dollars, British pounds, and euros with near-instant settlement. This means payments that once took days can now be completed at any time, including weekends.
For B2C2, owned by Japan’s SBI Holdings Inc., the system helps the firm manage risk in the crypto market, which trades nonstop. Chief Executive Officer Thomas Restout said the new platform allows the company to move cash whenever needed.
Furthermore, he explained that traditional banking hours make it difficult to respond to market swings, especially when prices fluctuate rapidly over the weekend. “This gives us the ability to move cash 24/7, seamlessly,” Restout said. “For risk management, it’s a key piece.”
The blockchain service runs on JPMorgan’s Kinexys Digital Payments network. Built in 2019, Kinexys now processes about $3 billion in payments daily. Although it represents a small share of the bank’s $10 trillion total payment volume, the number continues to rise as more companies join. The system allows large firms to move money faster, reduce delays, and simplify back-office work.
Siemens, on its part, completed a dollar-to-euro transfer using Kinexys with near-instant results. The German company has a long history with JPMorgan’s blockchain projects. In 2019, Siemens became the first client to use the bank’s blockchain deposit accounts to move funds between subsidiaries worldwide.
Commenting on the latest development, Heiko Nix, Siemens’ global head of cash management and payments, said the new update makes foreign exchange simpler and quicker.
“The latest enhancement takes us a step further, simplifying transactional FX in real time, overcoming time-zone barriers, and mobilizing cash precisely when and where it’s needed,” he said.
As blockchain adoption spreads among global companies, projects like Kinexys show how traditional finance and digital systems can work together to make payments faster and more reliable.
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