HSBC, one of the largest banking institutions with $3 trillion in assets under management, has recognized the potential of Ripple's distributed ledger technology (DLT) for cross-border payments. The bank believes that DLT can streamline value transfers, reduce costs, operational risks, and settlement periods in the banking industry.

HSBC has praised Ripple and its distributed ledger technology (DLT) for cross-border payments, specifically mentioning how Ripple's XRP ledger enables real-time settlements. The report also highlights other compelling use cases of DLT, including banking finance, fund administration, and customer identification.