Wells Fargo & Company (WFC) and HSBC Bank plc announced an agreement to use a blockchain-based solution for the netting and settlement of matched foreign exchange transactions. The companies will jointly use a shared settlement ledger to process US dollar, Canadian dollar, British pound sterling and Euro transactions with plans to extend the platform to settle additional currencies in the near future.
"We are pleased to announce that we will be utilizing blockchain technology for the first time in the settlement process of cross-border payments," said Mark Jones, co-head of Macro, Wells Fargo Corporate & Investment Bank.
The platform runs on Baton Systems' blockchain inspired CORE distributed ledger technology and is governed by the Baton rulebook.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.