HSBC has settled over $250 billion in trades using distributed ledger technology (DLT), Coindesk reports. According to a press release, implementing the technology within the HSBC FX Everywhere platform resulted in “significant efficiencies and opportunities” for the bank, which used DLT to “orchestrate payments across HSBC’s internal balance sheets.”
Implementing these changes enabled the financial giant to verify the payments’ status without external confirmation, as well as consolidate its view of cash flows. Over the course of the past year, HSBC reportedly settled 3 million FX transactions using the platform. Now, they want to go a step further and use the same technology to help clients.
“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,” stated Richard Bibbey, Head of Foreign-Exchange Cash Trading and Risk Management at HSBC.