HSBC Says It’s Settled $250 Billion in Trades With Distributed Ledger Tech
HSBC, one of the world's largest banks, announced Monday that it has made more than $ 250 billion in transactions using Distributed Reward Technology (DLT).
The bank said in its press release that it used HSBC FX Everywhere platform to handle 3 million foreign exchange transactions and made an additional 150,000 payments. The company last year used the platform to "adjust payments through HSBC's internal balance sheet."
HSBC's platform has brought "significant efficiency and opportunity". The bank did not specify whether FX Everywhere was fully developed in-house or based on open source protocols.
In particular, banks could use the DLT platform to ensure payouts were paid without external verification. Integrate in-house trade data into a "shared, single version of truth." You can incorporate your views on cash flows.
Rich Bibbey, HSBC's director of foreign exchange and commodities, said in a statement that banks and their customers are doing thousands of foreign exchange transactions across different balance sheets and countries.
The DLT platform makes these internal flows more efficient, he added.
"Since its successful implementation within the bank, we are investigating how this technology can help multinational clients with multiple financial centers and cross-border supply chains manage their foreign exchange flows within their organizations. "
HSBC has in the past hinted at work on blockchain technology. In February, Joshua Kroeker, chief innovation manager at HSBC, said the company was just in the middle of launching a pilot program to organize block-chain deals.
At that time, he quoted a specific project to digitize the credit.
HSBC images via Vytautas Kielaitis / Shutterstock
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