Onyx is creating a tool that will automate Siemens’ intercompany payments.
Onyx, a division of US financial holding company JPMorgan, is developing a payments solution for industrial conglomerate Siemens, the Financial Times has reported.
According to the publication, Onyx is creating a tool that will allow automating Siemens’ intercompany payments. It should be noted that payments in the system are denominated in dollars, however, support for the euro will soon be included.
Heiko Nix, head of payments and cash management at Siemens, said:
“We are seeing a huge change due to the emerging digital business models.”
JPMorgan posted 84 blockchain-related job openings in July. Many of these are positions for the Onyx division, which is focused on distributed accounting projects and the stablecoin JPM Coin.