• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Victory For Binance: US SEC Decides To Dismiss Lawsuit
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Victory For Binance: US SEC Decides To Dismiss Lawsuit
blockchain

U.S. Big Banks To Use Blockchain For Interbank FX Settlements

Best Owie
by Best Owie
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Banks have been one of the biggest opposition to the blockchain and crypto industry, although the latter has just continued to grow. As the saying goes, “If you can’t beat them, join them” and that is exactly what banks have done.

Blockchain technologies have proven to be especially useful for the banking and payments industry, which has pushed the need for these industries to either adapt or be pushed out. Seeing the usefulness of these technologies, banks have begun to slowly but surely embrace blockchain tech through various integrations. Big and small banks alike have taken to blockchain to improve their current systems.

HSBC And Wells Fargo Find Use For Blockchain

On Monday, big banks HSBC and Wells Fargo announced that they would be using blockchain to facilitate interbank FX transfers. They plan to do this through the FX Everywhere platform that was launched by HSBC three years ago in 2018. Both banks will be able to settle multi-currency FX transactions using blockchain technology.

HSBC has previously used FX Everywhere for intrabank FX transactions within its own banking system but has begun to expand this service to include other banks. Wells Fargo is the first bank to sign on to this service as HSBC rolls out its place to add other banks to the ecosystem.

Instead of payment (PvP) net settlement, FX Everywhere uses real-time transparency and payment enabled by the blockchain. This route saves helps to save cost in the way of lower transaction fees, as well as greatly using settlement risks that are often associated with FX transactions. 

Related Reading | Early December Bloodbath Cranks Up Bitcoin Trading Volume

So far, HSBC has settled about $2.5 trillion over three million intrabank transactions. The platform has been proven to work and is now being expanded to enable other banks to enjoy its benefits.

Speaking on the partnership, Global Head of FX Partnerships & Propositions at HSBC, Mark Williamson, said;

“The platform enables participants to efficiently settle bilateral cross border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP risk reduction opportunities.”

BTCUSD_2021-12-14_15-19-08

Bitcoin's growth has made blockchain undeniable for banks  | Source: BTCUSD on TradingView.com

Big Players Following The Trend

Banks are not the only ones that have been making moves to ensure that they are ready for the future. Payments giants Visa and Mastercard have also ramped up their blockchain integrations for their payment systems.

Related Reading | The Biggest Risk For Bitcoin? How Quantum Computers Could Hurt BTC

Both Visa and Mastercard have partnered with crypto entities to launch various crypto cards, in addition to native blockchain integrations being done on their systems. Visa CEO Alfred Kelly, has said in the past that cryptocurrencies could end up being very popular and as such, Visa wants to be positioned to benefit from that growth. 

“Let’s say in five years, it was a fad and no big deal or will it be extremely popular? I’m not smart enough to know, but what I’m smart enough to do is make sure our company is in the middle of it today,” the CEO said.

Featured image from iStockPhoto, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Best Owie

Best Owie

Follow

Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

Full Profile

Related Posts

Bitcoin

Bitcoin’s High Euphoria Spurs UK Company’s $5 Million Buy

21 hours ago
Bitcoin

Spam Wars: Bitcoin Core Devs At Center Of Heated Debate

3 days ago
Netflix

1 Bitcoin Up For Grabs On Netflix Reality Show ‘House Of Streams’

3 days ago
Bitcoin price

Bitcoin Price Approaches $106,000 As Resurgence Continues — But Watch Out For This Level

4 days ago
Bitcoin

Bitcoin Rebound From $100,000 – Healthy Pullback Or Start Of Deeper Correction?

4 days ago
Bitcoin

Bitcoin Mirroring Gold’s Rally: Analyst Sets $130,000 BTC Target By Q3 2025

4 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • BingX Introduces Copy Trading 2.0: Greater Control...

    1 hour ago
  • cloud mining

    Cloud Mining for Beginners: How These 5 Sites Help Users...

    2 hours ago
  • El futuro de USDT: La estrategia de crecimiento de Tether en 2025

    El futuro de USDT: La estrategia de crecimiento de Tether...

    3 hours ago
  • MEXC Unveils $100 Million Guardian Fund to Safeguard Users...

    4 hours ago
  • ...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.