Based on the latest report from Juniper found that banks can save up to 3,300% by 2030 if using blockchain technology in banking solutions.
Well Fargo has partnered with HSBC to realize the use of blockchain technology in launching foreign exchange transactions. With this, Wells Fargo will use the FX Everywhere platform developed by HSBC for interbank FX transactions. It was developed by HSBC in 2018, where a blockchain solution platform is used to complete key HSBC interbank transactions. This latest collaboration marks the first case application outside of HSBC group banking.
This cooperation also enables the settlement of transactions in US dollars (USD), Canadian dollars (CAD), pound sterling (GBP) and Euro (EUR) currency transactions. Based on the official announcement, the platform will be expanded by adding more currencies in the future. The FX Everywhere platform has successfully handled 3 million transactions totaling $ 2.5 trillion.
Mark Williamson, manager of FX Partnerships & Propositions at HSBC noted that the platform allows users to make overseas transactions more efficiently. In addition, it can reduce the current risk in making transactions. "
The use of blockchain technology for the settlement of interbank transactions can increase transaction efficiency and can reduce the cost of each transaction. In the initial stage, the platform will complete about 100 transactions per week and gradually increase the volume over time.
The use of decentralized technology for banking solutions is nothing new. In recent years, some of the biggest names in the banking sector have turned to blockchain technology for remittances and cross -border solutions.
