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Wells Fargo partners with HSBC to settle FX transactions using blockchain
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Wells Fargo has partnered with HSBC to use its blockchain tools for the settlement of bilateral foreign exchange (FX) transactions.
Wells Fargo would use the HSBC-developed FX Everywhere platform for interbank FX transactions. Developed by HSBC in 2018, the blockchain settlement platform is primarily used to settle transactions between banks within the HSBC group. The latest partnership would be the first use case outside the HSBC group.
The partnership would make way for settlement in U.S. dollar
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