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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