Recently, Wells Fargo, a leading financial services company, partnered with HSBC bank, one of the largest banking and financial services organizations, to benefit from its blockchain-based tools to settle foreign exchange transactions. After this agreement, Wells Fargo and HSBC Bank will process all their US dollar, Canadian dollar, Euro, and British Pound Sterling transactions using a shared ledger. They also plan to extend their platform to settle more currencies in the future. Both parties can use Payment-vs-Payment settlement netting efficiently, which will reduce risks and the cost associated with processing foreign exchange transactions.
