HSBC Bank Advances Commercialization Efforts Using Ripple Tech
Main Idea
HSBC and other major banks are advancing blockchain-based payment services through initiatives like the Global Payments Steering Group (GPSG) and expanding their offerings, such as 24/7 wholesale cross-border payments.
Key Points
1. Ripple's blockchain technology has been tested by major financial institutions like HSBC, UBS, and Western Union since 2014.
2. The Global Payments Steering Group (GPSG) was established by banks including HSBC and Royal Bank of Canada to create common rules for deploying Ripple's blockchain in global payments.
3. HSBC plans to introduce 'always-on' wholesale cross-border payments, operational 24/7, as part of its blockchain expansion efforts.
4. HSBC's initiatives reflect a broader industry trend toward full-scale deployment of blockchain payment services.
Description
Blockchain has increasingly been positioned as a transformative technology for modernizing payment infrastructures across the financial sector. Ripple , a United States-based provider of blockchain-based banking payments technology, has maintained a prominent role in this evolution. A document shared by Crypto researcher SMQKE underscores that since 2014, numerous financial institutions, including HSBC, UBS, and Western Union, have initiated trials or advanced commercialization programs focused ...
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