HSBC, a large British bank, has reduced its foreign currency transaction costs by a quarter thanks to the use of FX Everywhere blockchain platform. This was stated by operating director of the bank, Mark Williamson, Reuters reports.
He said that the platform handles up to 5,000 transactions daily, and their total volume has already reached $ 350 billion.
We going at a pace now. We’re able to demonstrate that this is not a one-off proof of concept or just one or two trades. The more participants that you have joining the HSBC shared permissioned ledger and the ecosystem, the more efficient we’re going to become in providing services to our clients.
chief operating officer of FX cash trading and risk management, HSBC
According to him, HSBC makes calculations worth billions of dollars every day, and the blockchain allows them to manage risks in real time.
Williamson did not provide accurate data on the daily volume of transactions, but noted that the system is capable of handling "a significant amount of internal operations."