FX Everywhere (blockchain platform)

2018: 3 million currency transactions for $250 billion by means of a blockchain

On January 14, 2019 announced HSBC that in the 2018th the bank, using a blockchain, carried out more than 3 million transaction with a total cost of $250 billion in foreign exchange market and made over 150 thousand payments.

This statement as notes Reuters news agency, indicates that strongly advertized technology gains steam in the financial sector which participants do not hurry to implement a blockchain at the commercial level.

HSBC develops the FX Everywhere blockchain platform which as reported in bank, allows "perform thousands of operations with foreign currency in bank according to several balance statements in dozens of the countries". HSBC emphasized that the technology confirmed high efficiency and opened more opportunities for business development.

Among main advantages a blockchain payments bank representatives called "lack of need of confirmation of transactions from the outside". The technology automated manual processes and reduced dependence on external technologies and also reduced risks of errors and delays, cut down expenses and helped bank to optimize balance.

After successful implementation of technology in internal processes of bank we study now possibilities of use of this technology for the international companies which need to service a set of accounts, to coordinate cross-border supply chains and which need to improve management of flows of foreign currency — Richard Bibbey fulfilling in HSBC the head's duties on the markets of foreign currencies and exchange commodities said.

As notes Reuters, banks and other financial institutions invested hundreds of millions dollars in a blockchain in hope that it will simplify and will reduce costs in processes from calculations to payments.^[1]

But the few banks passed from testing to implementation technology in large projects. Many are disturbed by the high cost, uncertainty concerning regulation and risk of violation of work of the existing IT systems.

Notes