admin@moneyyes.info      +

Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018

Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018
By: cointelegraph.com Posted On: January 14, 2019 View: 6

Banking Giant HSBC’s Blockchain Platform Processed $250 Billion in Forex in 2018

International banking giant HSBC settled $250 billion of forex trades using blockchain technology in 2018. The company has revealed the figure in a press release quoted by the Financial Times (FT) Jan. 14.

Through its proprietary blockchain platform dubbed “FX Everywhere,” HSBC handled 3 million transactions, which translated into 150,000 payments since it launched in February.

The technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” FT quoted Richard Bibbey, acting global head of currencies as saying.

“FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”

The release did not mention the overall payment volumes for the bank last year, Reuters referencing Bibbey as confirming the $250 billion represented a “small” portion of the total.

The statistics are nonetheless impressive, underscoring the opportunities for blockchain uptake in the traditional banking sector despite previous mixed reviews.

HSBC has engaged in multiple projects involving the technology recently, these including launching a joint trade finance platform in Hong Kong in November.

At October’s Money20/20 conference in Las Vegas meanwhile, HSBC’s Global Innovation Lead for Global Liquidity & Cash Management, Craig Ramsey, told audiences that both blockchain and cryptocurrency posed a “real challenge” to interbank settlements.

Let's block ads! (Why?)

Read this on cointelegraph.com Ad1
  Contact
 Payment systems online

67/2

Tel : +
Mail : admin@moneyyes.info
Business Hours : 24

  Follow Us
Site Map
Show site map
  About

There are plenty of online payment systems out there that you can use to conduct e-commerce activities. Top online payment systems for accepting payments on the Web.