Blockchain lowers HSBC spending on forex transactions by 25%

HSBC, a large British bank, has reduced its foreign currency transaction costs by a quarter thanks to the use of FX Everywhere blockchain platform. This was stated by operating director of the bank, Mark Williamson, writes Reuters .

He said that the platform handles up to 5,000 transactions daily, and their total volume has already reached $ 350 billion.

“We can demonstrate that this is not a one-off proof of the concept or just one or two deals, ” said Williamson.

According to him, HSBC makes calculations worth billions of dollars every day, and the blockchain allows them to manage risks in real time.

Williamson did not provide accurate data on the daily volume of transactions, but noted that the system is capable of handling "a significant amount of internal operations."

Recall that in January, HSBC announced three million blockchain operations totaling $ 250 billion.

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