Multinational bank Banco Santander along with four Spanish banks have successfully deployed a proof-of-concept for payment services using smart contracts.
The company currently overseeing the Spanish Payment System, IberPay coordinated the proof-of-concept.
The participation of the other four Banks includes:
On July 15 a statement was released highlighting that the PoC had “confirmed the feasibility of applying blockchain technology to the field of payments”.
The deployment of the PoC successfully connects to the national payment system of Spain.
Smart contract is a technology under blockchain that automates and executes the settlement of payments once certain pre-condition are met.
IberPay received consultancy services from Grant Thornton in testing the PoC by using an interbank blockchain network with seven operating nodes while executing over 20,000 automated transactions.
Reportedly, the average processing time per completed payment was- 2.5 seconds. This kind of faster processing time bolsters its applicability in real use cases.
IberPay said that the PoC functioned:
“with the maximal guarantees of security, efficiency, traceability and integrity, as well as compliance with current regulations.”
Banco Santander has been a leading player in financial services in testing and implementing blockchain technology within the industry.
Last year, Banco Santander redeemed a $20 million bond using the public Ethereum blockchain. In September 2019, Santander issued its first end-to-end blockchain bond using the public network.
Santander also integrated Ripple’s xCurrent technology into its global payments services for retail clients while announcing its plan in extending the services to Latin America.
Source: Cointelegraph | Unsplash
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