Spain’s number-two bank, Banco Bilbao Vizcaya Argentaria, or BBVA, said Friday (April 21) that it has successfully completed its first cross-border payment using blockchain technology from Ripple.
According to reports, BBVA transferred 50 payments in euro from Spain to Mexico, with the transaction taking only a few seconds.
According to the bank, these transactions would typically take days.
Reports said BBVA currently uses the SWIFT banking system to facilitate cross-border payments, but that it is “incapable of providing” payment tracking or the ability for clients to see exactly how much it would cost to complete a payment.
subsidiary BBVA Compass, based in the U.S., launched a partnership with digital payments network Dwolla to provide real-time payment capabilities.