HSBC has announced that it used distributed ledger technology to settle more than three million foreign exchange transactions using ledger technology.
Richard Bibbey, interim global head, FX and commodities, HSBC, says: “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. 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.”
Using its HSBC FX Everywhere platform the bank has made more than 150,000 payments worth $250 billion by orchestrating payments across its internal balance sheets.
