Wells Fargo has partnered with HSBC to use its blockchain tools for the settlement of bilateral foreign exchange (FX) transactions.Wells Fargo would use the HSBC-developed FX Everywhere platform for interbank FX transactions. Developed by HSBC in 2018, the blockchain settlement platform is primarily used to settle transactions between banks within the HSBC group. The latest partnership would be the first use case outside the HSBC group.The partnership would make way for settlement in U.S. dollar (USD), Canadian dollar (CAD), British pound sterling (GBP) and Euro (EUR) transactions. The official press release said that the platform would expand to include more currencies in the near future. The FX Everywhere platform has settled three million transactions to date worth $2.5 trillion.Mark Williamson, global head of FX Partnerships & Propositions at HSBC, said:“The platform enables participants to efficiently settle bilateral cross border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP risk reduction opportunities.”The use of blockchain technology for interbank settlement increases transaction efficiency and cuts the cost per transaction. During the initial stages of the partnership, the platform would settle about 100 transactions every week and gradually increase the rate with time.Related: Central Bank of Sri Lanka completes proof-of-concept KYC platformThe use of decentralized technology for bank settlements is nothing new. Over the past few years, some of the biggest names in the banking sector have turned to blockchain tech for cross-border remittance and settlement. While Central banks are looking to incorporate CBDC use, private banks use commercial bank money. A recent report from the Juniper group has shown that cost-saving for commercial banks using blockchain technology will grow up to 3,330% by 2030.Čítaj viac
- Bitcoin hits $37.5K, stocks recoup losses ahead of Wednesday’s FOMC statement
- IMF urges El Salvador to remove Bitcoin's status as legal tender
- Aký je najhorší scenár pre cenový pokles na Bitcoine a S&P500?
- Yet another solo Bitcoin miner solved a valid block, earning a reward worth over $220,000
- YouTube head of gaming Ryan Wyatt to resign and join Polygon Studios as CEO
Altcoiny analýza Analýzy Avalanche Binance Bitcoin Bitcoin Price Bitcoin Regulation blockchain BTC BTC price BTCUSD business Cardano CBDC coinbase crypto Cryptocurrencies cryptocurrency exchange Decentralization DeFi Dogecoin ETH ethereum federal reserve Funding government investments Inštitúcie kryptomeny law Markets Metaverse mining NFT NFTs Novinky Polkadot regulation Solana Stablecoin Terra Titulky Trading united states