HSBC settled USD 250 bln in trades with distributed ledger tech

Tuesday 15 January 2019 11:03 CET | News

Banking group HSBC has announced it had settled more than USD 250 billion in transactions using distributed ledger technology (DLT).

The bank said in a press release that it settled 3 million foreign exchange (FX) transactions and made a further 150,000 payments using its HSBC FX Everywhere platform. The company said it has been using this platform in 2018 to orchestrate payments across HSBC’s internal balance sheets.

The bank did not specify if FX Everywhere was developed completely in-house or built on an open-source protocol. In particular, the bank said that using a DLT platform has allowed it to verify that payments are settled without needing external confirmation; to unify intra-company trade data on a shared, single version of the truth and to consolidate its view of cash flows.

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Keywords: HSBC, blockchain, distributel ledger technology, DLT, blockchain trade finance, trade finance, HSBC FX Everywhere
Countries: World