Yesterday HSBC announced that it leveraged blockchain to settle more than three million foreign exchange transactions during the last year. It used its HSBC FX Everywhere platform for 150,000 payments amongst HSBC group companies worth $250 billion.
“The global, cross-border nature of HSBC and its clients sees us conducting thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” said Richard Bibbey, HSBC’s interim global head, FX and commodities. “HSBC FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”
“Following successful implementation inside the bank, we are now exploring how this technology could help multinational clients – who also have multiple treasury centres and cross-border supply chains – better manage foreign exchange flows within their organisations.”
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