HSBC: successful trade finance deal with Ing
(CercleFinance.com) - On Monday morning HSBC announced that, with ING, it has managed to complete the first trade finance transaction by leveraging blockchain technology on behalf of the Cargill Group.
This transaction has been carried out using the DLT (Distributed Ledger Technology) platform developed by the company R3, HSBC says.
This letter of credit between HSBC and ING demonstrates that the DLT platform is viable both commercially and operationally. Similar operations that HSBC and ING carry out usually take 5 to 10 days; this has been completed in just 24 hours on a single shared application, replacing the multiple systems used in normal times, the bank says.
For businesses, this means that transactions can be simplified, accelerated, transparent and secure, Vivek Ramachandran, Head of Innovation at HSBC added.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
This transaction has been carried out using the DLT (Distributed Ledger Technology) platform developed by the company R3, HSBC says.
This letter of credit between HSBC and ING demonstrates that the DLT platform is viable both commercially and operationally. Similar operations that HSBC and ING carry out usually take 5 to 10 days; this has been completed in just 24 hours on a single shared application, replacing the multiple systems used in normal times, the bank says.
For businesses, this means that transactions can be simplified, accelerated, transparent and secure, Vivek Ramachandran, Head of Innovation at HSBC added.
Copyright (c) 2018 CercleFinance.com. All rights reserved.