HSBC and Wells Fargo achieve PvP settlement finality with DLT

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HSBC and Wells Fargo achieve PvP settlement finality with DLT

HSBC and Wells Fargo have completed the first interbank Payment vs Payment (PvP) settlement outside of CLS using distributed ledger technology from Baton Systems.

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added the offshore yuan to their blockchain-based solution that settles bilateral foreign exchange transactions, the banking giants said Thursday.

The Chinese currency marks the fifth currency to be settled between the two lenders using the so-called DLT solution, which uses a shared settlement ledger that currently surrounds the U.S. dollar, Canadian dollar, British pound sterling, and the euro, the banks said.

The system was launched in December 2021 and has since settled more than $200M in transactions. WFC and HSBC noted that more currencies are planned to be added to the DLT solutions in the coming months.

Wells Fargo, HSBC Add Offshore Yuan to Blockchain Foreign-Exchange System
https://www.coindesk.com/business/2022/11/17/wells-fargo-hsbc-add-offshore-yuan-to-blockchain-foreign-exchange-system/

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