HSBC FX Everywhere Executive Affirms Blockchain Reduced Forex Trading Fees By 25%

HSBC Executive Affirms That The Blockchain Slashed Forex Trading Costs In The Company By 25%

Mark Williamson, the Chief Operating Officer of FX Cash Trading and Risk Management at HSBC, has affirmed that the bank has started to use the blockchain technology and that this helped to cut 25% of all forex trading costs.

According to him, the HSBC FX Everywhere platform has saved at least 25% of the money spent on traditional methods, which raised its efficiency considerably. Last month, the bank has transacted at least $250 billion USD using this new platform. This payment system has settled at least 3 million foreign exchange transactions since it was created last year.

Williamson has affirmed that the technology is being used to process from 3,500 to 5,000 transactions daily and that the trades are worth $350 billion USD now, which means that the company is really getting more interested in using the blockchain technology to make these trades.

He has affirmed that it is important to notice that this is not a proof of concept project that is used a single time and then abandoned. The company has been using this new system now and it is widely being used in HSBC in order to save money. He believes that, in the near future, a significant share of internet money flows are going to be settled using this technology.

HSBC And The Blockchain

Despite the fact that banks are generally not very bullish on cryptocurrencies, they are certainly very interested in the potential of blockchain technology. HSBC has been experimenting with the distributed ledger technology (DLT) for some time now and the company has joined the R3 conglomerate in 2015, as well as it made some partnerships to use the technology.

Recently, HSBC has also decided to join the Utility Settlement Coin (USC) project, which was created to a new way for global banks to make several transactions with each other. It looks like banks have no choice but to adhere to the blockchain tech in order to save costs if they want to do their operations the most efficient way.