JPMorgan’s dedicated blockchain-centric payments unit is reportedly working with Siemens, the German industrial conglomerate, on a new approach to streamlining how it handles payments internally.
The Financial Times reported Monday that the JPM unit, Onyx, is building the system in order to automate payments between Siemens accounts. The system will be denominated in US dollars, though support for the euro could be added in the future.
Heiko Nix, head of cash management and payments for Siemens, told the outlet that “we are seeing a huge change due to the emerging digital business models, because we will no longer be able to forecast cash, for example.”
The FT reported that Siemens is Onyx’s first “anchor client.” The deal with Siemens is a notable one for Onyx, which was formed last year, as previously reported. This summer, The Block reported that JPMorgan was seeking to fill an array of positions within Onyx as it sought to commercial its in-house blockchain applications.