Wells Fargo has partnered with HSBC to use its blockchain tools for the settlement of bilateral foreign exchange (FX) transactions.Wells Fargo would use the HSBC-developed FX Everywhere platform for interbank FX transactions. Developed by HSBC in 2018, the blockchain settlement platform is primarily used to settle transactions between banks within the HSBC group. The latest … [Read more...] about Wells Fargo partners with HSBC to settle FX transactions using blockchain
Wells
Wells Fargo, HSBC to Settle Forex Transactions Using Blockchain
Wells Fargo and HSBC Bank said on Monday that they will use a blockchain-based product for settling matched foreign exchange transactions.The two banking giants agreed to use a shared settlement ledger to process U.S. dollar, Canadian dollar, pound and euro transactions, with plans to expand the process to other currencies in the future.The announcement comes as other major … [Read more...] about Wells Fargo, HSBC to Settle Forex Transactions Using Blockchain