HSBC and Wells Fargo have both begun to use blockchain for transactions.
In Brief:
The banks will use a blockchain platform to settle bilateral foreign currency trades.
The platform comes from Baton Systems.
HSBC and Wells Fargo are using the platform to settle FX trades in under three minutes.
What does this mean?
The Core-FX distributed ledger technology being used by the two banking giants means that ForEx trades can be settled directly between the organisations rather than using a third party, reducing risk and improving efficiency.
