In order to reduce processing times, HSBC is testing its own blockchain platform. On July 1, the internationally renowned banking giant HSBC tested its own blockchain, reported by the Chartered Institute of Procurement & Supply. The commercial finance platform Voltron is expected to reduce transaction time by up to 40%.
In order to arrange a shipment between Hong Kong and Dubai, HSBC collaborated with the major retail organizer Landmark Group. As a result of the connection with the Landmark group with ReChainMe blockchain platform, transaction times were reduced by 12-40%.
HSBC’s chief Sunil Veetil Hijaz region and Turkey, by increasing the rate at which commercial transactions based platform blockcha said it will provide a competitive advantage. HSBC’s statement is as follows:
The two platforms that connect seamlessly mean that all parties in the supply chain ecosystem can monitor the process and agree on the terms of the transaction. These include real-time logistics, co-creativity, document approval, and rapid monitoring of supplier payments.
In February, HSBC announced that its blockchain-powered platform reduced money spent on foreign exchange trade agreements by 25%. The platform is distributed but allowed ledger based. It is also reported that HSBC can coordinate real-time payments to trade centers in the Americas, Europe and Asia-Pacific.
Beatrice Collot, HSBC’s Global Trade and Credit Finance Officer, had previously made a passionate speech in favor of transparency and momentum offered by blockchain technology. According to Collot, blockchain technology will transform global trade finance by bringing stakeholders together and sharing information more transparently.