Having successfully carried out the first pilots in the world of a loan and a corporate credit facility using blockchain, BBVA has signed a new loan with ACS using this technology.
The deal shows that BBVA Corporate & Investment Banking is continuing to focus on an innovative financing model for its corporate clients.
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BBVA and ACS have signed a €100-million-euro long-term bilateral corporate loan to be used for financial general needs. The use of blockchain technology in this type of operations is a great leap forward in efficiency in financial processes.
Blockchain technology can bring significant improvements. It guarantees the transparency and traceability of contracting, with both ACS and BBVA being able to independently consult at any time the state of the contractual process and the conditions due to the traceability afforded by the technology. The system also digitizes the negotiating process leading to a shortening in the management time from days to hours.
Digital transformation also applied to corporate loans
BBVA is a benchmark in the transformation of the financial industry. In the area of wholesale banking, the Group is innovating both financial products as well digitizing solutions with the aim of enhancing the experience of business clients and corporations
BBVA, Repsol sign agreement to develop blockchain-based financial solutions
The two companies have just used the blockchain technology to renew a credit line worth €325 million, the first initiative of this collaboration.
This entails constantly working with corporate clients with the view to not only offering better financial solutions but also the latest technological innovations on blockchain.