BBVA and Repsol have signed an agreement to work together on developing a blockchain financial solution that renews a 325-million-euro credit line. The revolving credit facility (RCF) is being used on the blockchain for the first time.

During the pilot, BBVA’s blockchain network was used to negotiate a long-term credit line, which reduced the tedious process that takes days for approval to just a few hours.

BBVA CEO Carlos Torres spoke, recently, at a seminar organized in Santander about the ways in which digital transformation could improve people’s lives, emphasizing economic progress and social well-being. He revealed that digital sales by the company reached 40% of the total in May. He also announced that the group is looking forward to testing syndicated loan disbursement using blockchain technology.

After the test was successfully completed, BBVA’s Head of Strategy and Blockchain Alicia Pertusa lauded the alliance with Repsol. She said:

“This operation is the fruit of BBVA’s pursuit of integrating innovative and disruptive financial products for corporate clients and to offer them the best solutions that meet their needs.”

The BBVA plans to leverage distributed ledger technology to help corporate banking and intends to launch a wide array of products for consumers. The company has previously worked with Spanish technology group Indra in a 75 million euro deal to provide the first corporate loan using blockchains.

Repsol’s alliance with BBVA could help in bringing better potential to bring a competitive edge to its businesses. Nuria Avalos, who is the head of Blockchain and Digital Experimentation at Repsol, said:

“Repsol wants to actively take part in collaborative environments. Blockchain is a disruptive technology that is here to stay and the agreement with BBVA advances our strategy of driving digitization in all areas of our activity.”

The new development by the company is a private blockchain network called Hyperledger. The contract was signed using the Ethereum testnet using an immutable hash. BBVA’s CTO for New Digital Businesses Carlos Kuchkovsky has been elected for the second year straight as a member of the Governing Board of Hyperledger, which is one of the most prominent blockchain partnerships.

BBVA is also a part of major industry alliances like Alastria in Spain, Enterprise Ethereum Alliance, and R3.

BBVA Signs Agreement With Repsol to Develop Blockchain Financial Solutions was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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