Quite a few banks in various countries already started to see the potential in blockchain technology. Whether its to make credit scores transparent (like the Royal Bank of Canada) or to handle the entire loan process like the Spanish Banco Bilbao Vizcaya Argentaria (BBVA).
The latter was actually the first global bank to process a corporate loan using blockchain. And it seems to have worked out quite well for all parties, as BBVA has just closed a deal for €150 million with Porsche Holding.
This is the first time that BBVA processed a blockchain-based deal with a foreign company. It had previously used the technology in deals with various corporate clients, but all of them were Spanish-based.
The technology used in the deal was the “same mix of private and public blockchain technology” as BBVE used in its previous transactions.
“This transaction is all about putting blockchain technology into meaningful practice in the interactions with our clients. Our aim is to improve clients’ experience by simplifying processes and enhancing the speed of execution”. – said the head of BBVA CIB Frank Hoefnagels.
In June, BBVA went into an agreement with Repsol, a Spanish energy company, to develop blockchain financial solutions. It seems that the cooperation is working out.
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