HSBC claims that blockchain reduced Forex trading costs by 25%

An HSBC executive commented that the bank's blockchain-based system helped them significantly reduce the costs of foreign exchange transactions.

Speaking to Reuters, Mark Williamson, COO of Forex trading and risk management, in charge of overseeing the blockchain project, said that the HSBC FX Everywhere platform helped them reduce their costs by up to 25% compared to more traditional methods.

Recall that last month the bank announced that it had moved more than 250 billion dollars in transactions using the aforementioned HSBC FX Everywhere platform.

The bank also added that more than 3 million Forex transactions had been made, which led to more than 150,000 payments through the digital accounting system that have been used since last year to "orchestrate payments through the sheets". of internal balance of HSBC ".

In the Reuters report, Williamson said that HSBC processes between 3,500 and 5,000 daily transactions in FX Everywhere, with a total that now amounts to 350 billion dollars in transactions. On this, Williamson commented:

"We have been able to demonstrate that this is not simply a proof-of-concept (PoC) or a system that handles only one or two transactions."

On the other hand, Reuters also reported that Williamson considers that a "significant" amount of internal money could be moved through the DLT system.

HSBC has been experimenting with blockchain technology for quite some time. Since joining the R3 blockchain consortium in 2015, he joined forces with Bank of America (BoA) and the government of Singapore to perform blockchain tests.

HSBC also committed to work on the Utility Settlement Coin (USC) project, designed to make it easier for the world's banks to conduct a series of transactions with each other using collateral assets on a customized

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