Daily News: February 13, 2018

Banks Embracing Blockchain to Manage Foreign Exchange

CFO reported that banks are increasing their use of blockchain technology, in part, because it enables them to more efficiency manage foreign exchange transactions.

According to CFO, the Association for Financial Professionals January 2018 survey reported that 77% of the respondents were evaluating the use of blockchain technology and 23% were already using it. In last year’s survey, 51% of the respondents said that they had no plans to implement the technology.

JPMorgan Chase, Barclays and Bank of America Merrill Lynch have all made sizable investments toward blockchain technology, according to CFO.