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Santander, BBVA and other Spanish banks announce interbank project based on blockchain.

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The Spanish banks Santander, Bankia, BBVA and CaixaBank announced in a joint statement the beginning of the first test to deploy an interbank platform called “smart payments”, whose objective is to execute payments through the use of a private blockchain network. The project is supported by Grant Thornton, an audit and consulting firm, and is coordinated by Iberpay, a Spanish company that manages the national payment system (SNCE) specializing in the exchange, compensation and settlement of transactions between financial entities.

Iberpay

Although it was launched only in December, the proof of concept would have begun in October and is expected to last six months. The test includes a pilot based on a real business case implemented in the network and has six distributed nodes managed for each participant, as well as an analysis of the future viability of new potential nodes and the issuance of an “electronic currency” among the participants for settlement.

«Aware of the capacities and disruptive potential of this technology , anticipating the future and taking advantage of this strategic opportunity, Spanish banks are betting, with this pioneering initiative, to develop payment solutions for blockchain networks, ”said the statement.

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