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Spain-based banks pilot blockchain-based digital payments

Friday 17 July 2020 12:57 CET | News

Spain-based companies Banco Santander, Banco Sabadell, BBVA, and CaixaBank have finalized a proof-of-concept (PoC) test for digital payments via blockchain-based smart contracts.

The PoC and its program have reportedly been coordinated by Iberpay, the firm that oversees the Spanish Payment System (SNCE). The company said that the DLT-enabled smart contracts allow payments to be processed automatically when certain pre-defined conditions have been met. These conditions may include automatic payments when new contracts are approved or sending automatic payments when goods have been shipped and received.

Over 20,000 DLT-based payments were completed during the tests. The transactions were processed through seven operating nodes, which are referred to as ‘red-I’. The next step in the programme involves establishing a connection between red-i and various other non-banking networks, or hybrid networks, via an API created by Iberpay.

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Keywords: Banco Santander, Banco Sabadell, BBVA, CaixaBank, Spain, Iberpay, PoC, blockchain, digital payments, smat contracts, DLT, Spanish Payment System, SNCE, red-I, dlt based payments
Categories: Banking & Fintech | Payments General
Countries: Spain
This article is part of category

Banking & Fintech