Wells Fargo – a leading American financial services organization – and HSBC Bank – a major British monetary institution – will employ a blockchain-based product to settle matched foreign exchange (Forex) transactions.
Through the partnership, the two entities will use a shared ledger to process operations with US dollars, Canadian dollars, British pounds, and Euros. There are also plans to extend to additional currencies in the near future.
Blockchain in Forex Transactions
According to a recent press release, applying blockchain technology will provide the two banking giants with transparency of settlement status for matched Forex transactions in the aforementioned currencies. The solution will allow both entities to utilize Payment-vs-Payment (PvP) operations and is expected to reduce the risks and costs of processing foreign exchange settlements.
Mark Jones – Co-Head of Macro at Wells Fargo – revealed this is the first time when blockchain technology has been employed in
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