The national payment system of Spain implemented a blockchain for transactions with banks

At the end of December, 2019 the Iberpay company managing national payment network of Spain started a blockchain system for performing transactions with banks.

One of project objectives - to allow corporations to plan automatic payments which can be initiated by the smart contract after the specific event. Other advantages are included by system effectiveness of transactions, traceability and protection of payments. The network not only manages automatic sending payments, but also makes accounting reports in the online mode.

Iberpay started a blockchain system

Thus, clients of banks have an opportunity of automatic payment of invoices after the goods delivery, exposure and trackings of accounts on terms of agreements and also assessment of accounts receivable financing. All payments are registered in Fiat, "smart" contracts only control observance of conditions and initiate sending means, managing the account through API. A blockchain payments by the end of December, 2019 are available in five Spanish banks: Banco Sabadell, Santander, Bankia, BBVA and CaixaBank.

We develop the payment instrument on the basis of a blockchain which will allow financial institutions to vypustkat a viable electronic vayuta. Thanks to new developments we could implement the innovative solution at the European level, - — Carol Lago, the senior manager on technology and innovation consultations in Grant Thornton explained.

Spain not for the first time initiates projects on the basis of a blockchain. Two of above-mentioned banks, Santander and BBVA, already participate in a row large a blockchain projects. Santander releases and redeems bonds on a public blockchain of Ethereum, and BBVA issues bonds and grants loans using the blockchain platform.^[1]

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