Spanish banks to test programmable payments for smart contracts

Banco Sabadell, Banco Santander, Bankia, BBVA and CaixaBank have initiated a proof-of-concept test to deploy an interbank Smart Payments Platform that would enable the execution of payments in blockchain networks.

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Spanish banks to test programmable payments for smart contracts

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The initiative, coordinated by Iberpay, the company that manages the Spanish Payment System (SNCE), aims to facilitate the initiation of instant credit transfers from smart contracts deployed in a blockchain network.

Iberpay says that any kind of business case developed with the technology could execute and programme automatic payments - from the signing of a contract to the delivery of goods.

The test includes a pilot based on a fictitious business case deployed in a blockchain network, which has already been implemented and has six distributed nodes managed by each participant.

The six-month trial of the concept is being conducted in association with Grant Thornton as a technology and legal advisor.

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