News

Cross-border payments made using blockchain, BBVA, Ripple announce

Tuesday 25 April 2017 09:00 CET | News

BBVA, a large Spanish bank, has teamed up with Ripple to execute its first cross-border payments using blockchain technology.

The bank has transferred about 50 euro-denominated payments to Mexico from Spain in seconds. Such transactions normally take up to four days to clear, the bank added. Processing payments on Ripple costs, on average, 81% less than the correspondent-banking network that has been used to send payments around the world for decades, according to the company.

The blockchain tech company also lets companies track their payments like a FedEx package and see precisely how much it will cost to complete the transfer. The current method, which relies on the 40-year-old SWIFT messaging system, is incapable of providing either of these services.

The bank plans to offer a small group of clients the chance to begin testing Ripple’s service in a few weeks.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: BBVA, cross border payments, banking, innovation, mobile app, open account, Spain, hyperledger, blockchain, innovation
Categories: DeFi & Crypto & Web3
Companies:
Countries: World
This article is part of category

DeFi & Crypto & Web3






Industry Events