Spanish banking giant BBVA has completed a series of international money transfer tests using the cryptocurrency Ripple and reports “significant progress” towards wider implementation.
BBVA completed the first real-life implementation of an international money transfer using Ripple’s new Distributed Ledger Technology (DLT). The transaction, running on BBVA infrastructures with real money, successfully completed transfers between Spain and Mexico in a matter of seconds.
“This pioneer initiative is a clear demonstration of how payment processes can be vastly improved through the implementation of emerging technologies. These improvements will benefit our clients’ transactionality,” said Alicia Pertusa, head of Digital Transformation in Investment Banking at BBVA.
The application, developed with support from Ripple’s solution, is a clear indicator of how BBVA’s international payments service could evolve in the future. BBVA also states that clients will have access to much clearer information about the costs associated with the process and will be able to view their payments’ status at all times.
“We are very excited that BBVA, one of the most tech-forward banks in the world, has joined the Ripple network to transform their cross-border payments… While others are content to merely experiment with blockchain, BBVA is working with us to move real money and in doing so, will establish the future new level of service for their customers,” said Marcus Treacher, Global Head of Strategic Accounts at Ripple. “
BBVA is a member of the R3 consortium and recently joined the Ethereum Enterprise Alliance and Hyperledger. All these alliances seek to develop common standards and build efficient and secure platforms that allow companies to capitalize on the advantages of DLT in the corporate world.