Last week BBVA closed a €100 million corporate loan with construction group ACS. According to BBVA using blockchain meant both parties could independently review the state of the contractual process. By digitizing the negotiation, the process is reduced from days to hours.
BBVA’s aim is to both offer better financial solutions and to innovate using blockchain. The bank envisages the corporate loan negotiation blockchain as a step towards Do-it-Yourself financing for corporates.
Back in June the bank announced plans to test using blockchain for negotiation and contracting of syndicated loans. Separately, in May
Finastra launched its Fusion Lendercomm with ten banks as customers.
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