Top Spanish Banks Finalize Payment Proof-of-Concept Using Smart Contracts

Five major Spanish banks, including Banco Santander, have finalized a proof-of-concept (PoC) for payments, using smart contracts.

On July 15, IberPay announced that it has successfully completed a PoC trial for blockchain payments in five major banks. The banks involved are Banco Santander, Banco Sabadell, Caixabank, Bankia, and BBVA. The project was coordinated by IberPay, a payment processing and settlement company.

According to the announcement, the “initiative has confirmed the feasibility of applying blockchain technology to the scope of payments enabling smart scheduling of transfers immediately from smart contracts deployed in blockchain networks.” The PoC will also allow corporates to execute automatic payments.

Grant Thornton, a global business advisory service provider, consulted on the project with IberPay to create an interbank blockchain network. The network had seven operating nodes which successfully processed over 20,000 transactions. Each transaction was processed in less than three seconds.

By processing such a high volume in record time, IberPay said it can “guarantee the feasibility of scheduling and executing immediate transfers in business cases that are deployed on these networks.” 

It is no surprise that Santander is on the list. Santander has been on a blockchain path since last year, and has used Ethereum and Ripple for some of its services.

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