Three months ago, we reported that Iberpay, the operator of Spain’s national payment system (SNCE), had completed a trial for smart payments with five Spanish banks. Today fund distribution platform Allfunds, with more than €1 trillion ($1.17 trillion) of assets under administration says it’s participating in the second stage of those trials.
Allfunds explained that the early Iberpay tests aimed to connect the SNCE with the i-network, an Iberpay interbank blockchain network to enable smart contracts to automate payments. The second phase in which Allfunds is participating is to test connecting the i-network with other blockchain networks such as the Allfunds network. The idea is to enable instant payments or payments triggered by smart contracts.
“Considering the maturity that business solutions are acquiring around blockchain technology, it is crucial to collaborate between solutions to generate opportunities that will bring us closer to the scenario of interoperability of blockchain networks of different scopes,” said Allfunds Blockchain CTO Alberto Hernández.
The benefits outlined were instant settlement, payment traceability and cost savings.
The Allfunds blockchain subsidiary was first unveiled just three weeks ago. It uses a permissioned version of Ethereum.
Fund distribution firm Allfunds collaborates with Iberpay’s blockchain smart paymentsMeanwhile, others in the fund administration sector are also adopting blockchain. They include Calastone, FundsDLT from the Luxembourg Stock Exchange, FNZ and IZNES developed by SETL.