BBVA joined a federation of more than 30 banks participating with Swift to develop a joint Blockchain platform designed to include the digital professor’s book technology at the heart of the global financial system.
The initiative, led by Swift, aims to create a common infrastructure that provides international payments in actual time, transformations, transactions with Stablecoins and symbolic assets.
By registering transactions and verifying their validity through smart contracts, the platform is expected to reduce costs, eliminate mediators, and operate around the clock throughout the week.
Swift, which connects more than 11,500 institutions in 200 countries, operates on the initial model with the Blockchain specialized.
The platform is expected to support the interim operation between current payment systems, Fiat currencies, and digital assets, while adhering to governance standards and regulatory standards that already operate Swift.
BBVA will contribute to digital innovation experience to verify possible use cases, including business payments to business, international transfers, and asset settlement.
The bank, which has also provided trade and custody services in Bitcoin and Ether, told retail customers in Spain, that cooperation enhances its commitment to applying Blockchain in the prevailing financing.
According to Swift, the new system will enable the financial institutions to provide immediate international payments independent of banking services, ensure the transfers of distinctive assets safe for distinguished assets, and improve efficiency in settlements.
He said that the goal is to make the transactions across the border “graceful and safe like local transactions”, with the creation of a developed and operating platform that can be contacted with current and future financial networks.