Digital forex settlement volume tipped to rise tenfold

DLT platform aims to settle $100 billion of currency trades by year-end

New technology allows banks to settle forex trades in as little as three minutes

An under-the-radar effort to digitise the settlement of fiat currencies may be about to attract some real volume.

Nex Group and Baton Systems have built a real-time settlement system for foreign exchange trades, using distributed ledger technology (DLT) to cut the traditional two-day post-trade cycle down to as little as three minutes.

Since it was rolled out last year, daily volumes on the platform have climbed to over $10 billion. Arjun Jayaram, CEO and founder of Baton, predicts that figure