The bank said in a press release that it settled 3 million foreign exchange (FX) transactions and made a further 150,000 payments using its HSBC FX Everywhere platform. The company said it has been using this platform in 2018 to orchestrate payments across HSBC’s internal balance sheets.
The bank did not specify if FX Everywhere was developed completely in-house or built on an open-source protocol. In particular, the bank said that using a DLT platform has allowed it to verify that payments are settled without needing external confirmation; to unify intra-company trade data on a shared, single version of the truth and to consolidate its view of cash flows.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now