On Feb 14, London-based banking giant HSBC has revealed its blockchain-powered platform aimed at cutting costs for forex trade settlement.

FX Everywhere platform enables real time coordinate payments across its trading hubs in the Americas, Europe and Asia Pacific, which saved 25 percent cost as compared with traditional methods, claimed by Mark Williamson, chief operating officer of forex cash trading and risk management at HSBC. The project discloses the capability of blockchain technology at scale by a key player in the global banking industry.

Without giving an exact number for daily transactions, HSBC system is using an effective real-time risk management to settle its “billions of dollars” payments everyday.

Williamson added: “We’re able to demonstrate that this is not a one-off proof of concept or just one or two trades. The more participants that you have joining the HSBC shared permissioned ledger and the ecosystem, the more efficient we’re going to become in providing services to our clients.”

The bank is aiming to provide the tools to corporate clients with complex, cross-border forex flows. Last month, HSBC’s update showed 3 million transactions processing on FX Everywhere, worth $250 billion, since February last year.