Bitcoin-inspired ledger technology is taking its first steps in foreign-exchange markets. Companies that provide payments systems to banks are unveiling products that use distributed ledgers to lower the costs of cross-border transactions, amid signs that stricter regulations have pushed smaller lenders to cut their participation in currency...
CLS Group , the New York - based company that settles the majority of the world 's currency markets , is planning to launch a visa - based forex service . By reducing the costs of cross - border transactions , the service will help medium and small operations that have been reducing their currency market participation due to increased regulation driving up the costs involved . The new service will include visa , an open - source collaborative project , which is also used by Swift , the global provider of secure financial messaging solutions .