Global financial giant HSBC is looking for in South Korea partners among local banks to launch blockchain-platform Voltron, reports The Korea Times.
DLT-platform is currently under test, but soon the British Bank expects to launch its commercial operation in Alliance with other financial institutions and companies. Voltron is called to solve the problem of lengthy processing of paper letters of credit exchanged between importers and exporters and other parties, including shipping companies and banks.
Conventional data processing trade Finance documents takes 5 days. Through the use of a distributed registry traders can reduce the time to 24 hours, the blockchain allows both parties to see the entire process and data.
The solution uses the technology of the blockchain, so these are only open to trusted members as needed, and are not transmitted fully to the network. The platform eliminates any friction impeding trade Finance, HSBC believe in.
“At the time you will be provided the greatest impact. Time and transparency will help companies to better manage their cash flow and working capital. I’m here to connect with Korean banks for cooperation in this blockchain platform for letters of credit,” said the Korean press in Seoul Director of innovation at HSBC , Joshua Crocker (Joshua Kroeker).
HSBC seeks to establish relationships with other banks which will participate in the platform development and distribution costs. The Bank does not intend to become the owner of blockchain-platform Voltron — manage will be a joint venture or a cooperative. At the moment, HSBC has partnered with Voltron at family financial institutions — Bangkok Bank, BNP Paribas, CTBC Holding, ING, NatWest, SEB and Standard Chartered.
The Voltron project began in wounds blockchain consortium R3, and in may 2018 HSBC and ING Bank for the first time in world treated at the DLT platform the letter of credit under party supplies of soybeans from Argentina to Malaysia. HSBC is implementing several pilot blockchain projects. For example, DLT-FX Everywhere helped the Bank a 25% decrease in expenses for Forex operations.