HSBC and Wells Fargo use blockchain-based solutions for foreign exchange transactions

• Tags: Finance, Blockchain, Cross-Border Payments, FX Transactions
• Companies: HSBC, Wells Fargo
• Date: 14.12.2021
• Digest: Weekly Digest

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HSBC and Wells Fargo plan to start foreign exchange (FX) transactions using a blockchain-based solution. By the bilateral agreement banks will use a shared settlement ledger to process transactions in US and Canadian dollars, British pound sterling, and Euro. Blockchain technology can reduce settlement risk and ensure real-time transparency of transactions. Read more