Spain’s BBCA Announces Loan Granted to ACS
The new corporate loan of 100 million euros on a long-term to ACS will be used to fund its regular requirements as part of an official statement by the bank. BBVA stated that the new deal displays a continuous effort by the bank to provide all its attention on a new financing system for its clients through utilizing blockchain.
The bank states that its latest tech ensures a level of transparency and traceability of the highest level regarding the contract. Both ends will be able to privately provide consulting on the contracts progress and conditions as part of its intricate traceability. It also completely accelerates the contracts negotiation which usually takes days a time down to a few simple hours.
The BBVA has signed loans through blockchain tech. The first deal was announced earlier, a contract with Indra, a tech company. In June, the BBVA inked a deal with the Spanish company Repsol to continue the advancement of financial blockchain alternatives. As evident, more Spanish banks are welcoming blockchain tech as opposed to many others. Banco Santander, another Spanish bank, has been utilizing blockchain with many successful results as well as one the first banks to implement an instant transfer service.
Banco Santander also integrated blockchain tech in the test-phase of votes submitted by investors and launched a foreign exchange service built on Ripple tech. The bank has made several impressive developments through blockchain and continues to set an example.
BBVA is currently the second leading bank in Spain offering several services including financial and retail products.