[ad_1]
According to a press release quoted by the Financial Times on Monday, HSBC, one of the world's largest total assets banks, reported $ 250 billion of transactions settled in 2018, using blockchain technology.
The press release revealed that during the last calendar year, HSBC has regulated over 3 million blockchain exchange transactions. Executed through its blockchain platform, "FX Everywhere", the bank claims to have processed 150,000 payments from the platform launched in February 2018. HSBC completed its first blockchain commercial finance transaction in May 2018.
At the time, the financial services group used the technology to issue a letter of credit to the Cargill agricultural company. The letter of credit concerned the transportation of products from Argentina to Malaysia. It was issued by the Dutch financier ING.
FX Everywhere improves HSBC
FX Everywhere helps "orchestrate payments between HSBC's internal budgets", and reports suggest that it has seen heavy adoption in the last year. The company revealed that the agreements were made simpler with its proprietary blockchain-based platform. Among other things, the platform has ensured that payment confirmations do not require additional protocols.
HSBC & # 39; s Other Blockchain Efforts
Last year HSBC explored various applications of blockchain technology. In October, he worked with Standard Chartered, PNB Paribas and others to finance a blockchain commercial finance platform. Nicknamed "eTrade Connect", HSBC launched the platform with the goal of improving the efficiency of international trade financing. To achieve this, the platform will reduce the time required for the approval of commercial loan applications from 36 to 4 hours.
Additional pans for DLT (Distributed Ledger Technology)?
Richard Bibbey, head of HSBC's foreign and commodity division, said the bank "currently hosts thousands of FX transactions". He added that the integration of blockchain technology made the process particularly smooth.
He said:
"Following a successful implementation of the bank, we are now exploring how this technology can help multinational customers – who also have multiple treasury centers and cross-border supply chains – better manage their foreign currency flows 39, within their organizations ".
Although the publication did not quote the bank's total payment volumes for the past year, Bibbey revealed to Reuters that the 250 billion dollars of the DLT represented a small portion "of this, however, this is a significant business that highlights the benefits deriving from the adoption of the blockchain in the traditional banking sector.
