JPMorgan Chase is working with Siemens on a blockchain-based system for the German firm's payments, according to the Financial Times.
Siemens is using the blockchain-based system to manage payments between its own accounts. It is only being used for US dollars at present but euro payments are set to be added next year.
Siemens is the first anchor client for the system, developed by JPMorgan's Onyx blockchain unit, but the bank has a pipeline of clients it wants to sign up, says the FT.
Explaining the decision to move to a blockchain-based system, Siemens says that it needs better automation to process the far greater number of payments it is facing thanks to new models such as pay per use.
Heiko Nix from Siemens tells the FT 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".