The British banking conglomerate HSBC announced the completion of the world’s first trade and financial transaction using blocking technology. The transaction was conducted for the American agricultural group Cargills, which deals with the supply of food and agricultural products. The Dutch bank ING acted as counterparty.
Transactions on the basis of the distributed digital register were made earlier, but with the help of a number of other technologies. The blocking deal of HSBC, held last week, was first held using a single, common digital application. As specifies Reuters, it consisted in delivery of soybeans from Argentina to Malaysia.
In HSBC called the deal "a turning point in trade". According to the representatives of the group, the use of blockade in the banking industry will significantly reduce the time of transactions, reduce the number of intermediate stages, completely get rid of paperwork, and reduce the risk of human errors and fraud.
If all trade documentation in the Asia-Pacific region is transferred from paper to electronic format, the time of export of goods can be reduced by 44%, and expenses – reduced by 31%. This was said in HSBC, referring to the UN report.
In April, the service of international money transfers on the basis of the blockade launched Santander – one of the largest banks in Spain. Available as a mobile application, service One Pay Confirms the identity of a person through the facial recognition function and connects to Apple Pay.
Residents of the United Kingdom, for example, can send from 10 to 10 thousand pounds sterling in pounds, euros or dollars. As the bank’s representatives say, through a new service, cross-border payments pass faster, and the term of transfer of funds and commission is less.