Today Spanish banking group BBVA announced the completion of the first global corporate loan transaction for €75m using blockchain technology. Blockchain was used from the negotiation stage through to the signing.
BBVA developed the pilot in-house with consulting company Indra’s Minsait business unit representing the borrower.
Currently, the process for issuing corporate loans involves many iterations and interactions between the client and bank. The new method allowed for far greater transparency. Both Indra and BBVA able to review the status at every stage of the transaction. Additionally, the digitization of the negotiation process reduced the management time from days to hours.
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