On Friday, BBVA announced it has signed a €100-million-euro long-term bilateral corporate loan with ACS, which will be used for financial general needs. According to BBVA, the deal shows that BBVA Corporate and Investment Banking is continuing to focus on an innovative financing model for its corporate clients.
“Blockchain technology can bring significant improvements. It guarantees the transparency and traceability of contracting, with both ACS and BBVA being able to independently consult at any time the state of the contractual process and the conditions due to the traceability afforded by the technology. The system also digitizes the negotiating process leading to a shortening in the management time from days to hours.”
BBVA also claimed it is a benchmark in the transformation of the financial industry. The firm also noted that in the area of wholesale banking, it is innovating both financial products as well as digitizing solutions with the aim of enhancing the experience of business clients and corporations. BBVA added:
“This entails constantly working with corporate clients with the view to not only offering better financial solutions but also the latest technological innovations on blockchain.”
The new loan with ACS comes just one month after BBVA signed an agreement with Repsol to develop blockchain-based financial solutions. At the time, Alicia Pertusa, Head of Strategy and Blockchain at BBVA, stated the first pilot by BBVA and Repsol kicked off a partnership to explore the potential of DLT technology in corporate finance.
“This operation is the fruit of BBVA’s pursuit of integrating innovative and disruptive financial products for corporate clients and to offer them the best solutions that meet their needs.”