SBC has settled over 11.6 million trades worth over USD1.2 trillion using distributed ledger technology (DLT). This solution, called HSBC FX Everywhere, has been used for the past year to orchestrate payments across HSBC’s internal balance sheets, creating significant efficiencies and opportunities.
Using a shared permissioned ledger, which provides singularity, transparency and immutability, it transforms the process around intra-company foreign exchange activity, automating several manual procedures and reducing reliance on external settlement networks.
Richard Bibbey, Global Head of FX and Commodities, said: “The global, cross-border nature of HSBC and its clients sees us conducting thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries. HSBC FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.
“Following successful implementation inside the bank, we are now exploring how this technology could help multinational clients - who also have multiple treasury centres and cross-border supply chains - better manage foreign exchange flows within their organisations.”
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