HSBC cuts Forex trade settlements by 25 percent using blockchain

The acclaimed bank HSBC is implementing blockchain technology solutions one after another and their latest fiat is a twenty-five percent (25%) cost reduction in the forex trade department. The bank has managed to achieve this fiat using yet another trial of “FX Everywhere” blockchain based platform.

The technology has been quickly gaining fame with the big players as a measure for cost reduction with security and speed. The World Trade Organization has also verified that technology can save the industry trillions of dollars in a single decade.

On the other hand, HSBC during its trial of forex trades operations on blockchain processed as many as two hundred and fifty billion dollars ($250b) worth of trades using the technology. The chief operating officer (COO) of the forex cash trading and risk management expressed to the media that HSBC is aiming to prove that this is a viable method of trade and not just a one-off suitable for a few trades.

On the other hand, the bank is looking to leverage the blockchain technology to the fullest and in the future. The current test cases have been very promising and the bank would continue to implement the solution on a much larger scale. HSBC is currently operating at a trading volume somewhere between three to five thousand in a single day. These transactions are roughly estimated to be around three hundred and fifty billion dollars ($350b).

The COO Mark Williamson further expressed that in the future more participants joining the ecosystem would mean a larger growth and better results in terms of services for its clients.