Wealthtech Allfunds has set up a blockchain company to develop a new payment model it says will provide more efficient settlement processes in the investment fund industry.
The firm is already working with Spain's Iberpay on the issue: last year the main Spanish banks completed a test to connect the national payment system with an interbank blockchain network, called i-network, that could enable the intelligent programming of immediate transfers from smart contracts, allowing the automatic execution of payments.
Now, Iberpay and Allfunds are working together on a second initiative that would allow testing the connection of the i-network with Allfunds' own blockchain network and its Business Smart Contracts offering.
In this way, a technical connection between the two blockchain networks could be enabled which would allow immediate transfers from the Allfunds network to be carried out automatically.
Rubén Nieto, MD, Allfunds Blockchain, says: "We highly value the collaboration with Iberpay and the strategic vision it shows within the financial industry and the importance of innovation, which enables us to create new solutions for our clients."