HSBC, a London-based financial giant, is using block-chain-based platforms to cut costs for foreign exchange transactions by 25 percent. According to Reuters, Mark Williamson, HSBC's Chief Operating Officer for Forex Trading and Risk Management, said that HSBC handles 3,500 to 5,000 transactions each day using the block chain solution system called “FX Everywhere” and settles trade of worth $350 billion.

Although Williamson did not disclose the overall volume or value of HSBC's foreign exchange transactions using heritage processing but he said that block-based payments are accounted for only part of the settlement. Reuters reported that major players in the global financial industry are effectively using block chains in terms of cost savings of upto 25%.The platform which operates on a decentralized platform enables HSBC to make payments in real-time across all trading hubs in the US, Asia Pacific and Europe.

HSBC is using this system to make real-time risk management efficient for billions of dollars worth of payments and the more participants join HSBC's shared and licensed receivers and ecosystems, the more efficient the services they provide to their customers , said Williamson to reuters. HSBC's block chain solution, FX Everywhere, was released in January. HSBC is one of the banks along with BNP Paribas and Standard Chartered that launched a new block-chain transaction financing platform in October .