The banks will settle bilateral transactions using a shared settlement system to process USD, CAD, GBP, and EUR with plans to use the platform to settle other currencies in the future.
DRIVE Pay will run on the BSV blockchain, which will act as the anchoring ledger for the payments network, while the BSV crypto will be used as an intermediary currency to enable liquidity.
The State Administration of Foreign Exchange in China is trialing a trade finance platform powered by blockchain, in the latest move from a centralized agency towards embracing the technology.
The firm confirmed it had reduced costs for its forex business by as much as 25%, in what analysts describe as an example of the importance of distributed ledger technology to banks and their bottom lines.
