Cryptocurrency

Santander, BBVA, Sabadell automate payments with contracts smart

Through its website, Iberpay announced that it has successfully completed the proof-of-concept of a system of payments on a blockchain private, attended by Santander, BBVA, Sabadell, Bankia and CaixaBank.

The platform Smart Payments able to carry out transfers with contracts smart in an average time of 2.5 seconds, which confirms its possible use in production environments real.

IberPAy manages two complementary systems to manage interbank payments. Source: IberPay

Santander, Bankia, BBVA, Sabadell and CaixaBank, the five largest banks in Spain, participated in this test. The same was carried out by means of a network blockchain interbank called network-i. According to IberPay, the network has managed successfully more than 20,000 transfers immediate.

The goal of this test was to allow the automatic execution of payments when it fulfilled certain pre-established conditions. For example, the automatic payment of a certain amount when a contract is signed. Another example would be the implementation of automatic payment when you receive or send goods.

The first case of business is tested is a solution for the management of guarantees. This solution sought to automate and streamline the processes of issuing, registration, enforcement and cancellation of guarantees of customers. For this case, IberPay announced the creation of an “intervener attorney”, which simulates a requirement on the part of a state agency or court and that allows you to execute these guarantees when the stated conditions are met, triggering it to turn automatically the associated payment.

The official press release closes by stating that the next step in the development seeks the integration of other networks that are not banks or mixed networks. In this way you will be able to make transfers immediate between networks, using an API managed by IberPay.

In December 2019, Breaking News reported the start of these tests, which counted with the participation of the laboratory Blockchain of Grant Thornton, the company’s consulting solutions blockchain. Six months later, you can see that the results were satisfactory.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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