Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) has completed blockchain cross-border money transfer pilot between Spain and Mexico using the Ripple protocol.
Running on BBVA infrastructure with real money, the new remittance service cuts transaction time from four days to mere seconds.
Customers will now have access to clearer information about the costs associated with the process and will be able to view their payments’ status at all times. In addition, parties involved in the transaction will have access to all the payment-related information.
BBVA head of digital transformation in investment banking Alicia Pertusa said: “This pioneer initiative is a clear demonstration of how payment processes can be vastly improved through the implementation of emerging technologies. These improvements will benefit our clients’ transactionality.”
Ripple global head of strategic accounts Marcus Treacher said: “We are very excited that BBVA, one of the most tech-forward banks in the world, has joined the Ripple network to transform their cross-border payments. While others are content to merely experiment with blockchain, BBVA is working with us to move real money and in doing so, will establish the future new level of service for their customers.”
BBVA, which is also a member of the R3 consortium, is developing several pilots with blockchain to understand and explore the possibilities of the technology.