BBVA bank announced today that it has closed a $90 million corporate loan deal with their technology partner, Indra, via blockchain technology.
The bank claimed that the transaction, which would typically take a few days to complete, closed in just a few hours. BBVA used its own internal blockchain system, which is built on the IBM-backed Hyperledger chain, during the successful pilot.
BBVA’s global head of customer solutions, Derek White, said in today’s press release:
BBVA’s digital transformation continues to gather pace and reach into new areas, and this is a prime example of where disruptive technology can add real value to business processes. The use of blockchain in this transaction has greatly increased transparency and speed, while equally improving efficiency – it’s a win win for both us and Indra.
The past few weeks have seen several banks successfully test blockchains to complete a myriad of financial services and transactions. UBS piloted two multi-million dollar sales on IBM-developed Batavia, while JPMorgan tested its in-house Quorum blockchain technology.