15 Jan 2019
HSBC processed millions of forex trades and over 150,000 payments using blockchain in the last year, the bank said, highlighting the growing use of the technology alongside traditional platforms currently used by banks and other firms.
The bank settled $250 billion (£194.15 billion) worth of forex trades using blockchain, which is considered to be much quicker than traditional systems. It is also regarded as secure – entries made cannot be changed.
HSBC acting global head of forex Richard Bibbey said: “Following successful implementation inside the bank, we are now exploring how this technology could help multinational clients – who also have multiple treasury centres and crossborder supply chains – better manage foreign exchange flows within their organisations.”
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