BBVA Taps Blockchain to Make International Payments in Seconds
- Big banks striving to take bitcoin technology out of the lab
- Ripple working with UBS, Bank of America, Santander, CIBC
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Blockchain may finally be moving out of the lab and into the marketplace.
Banco Bilbao Vizcaya Argentaria SA, Spain’s No. 2 lender, has executed its first cross-border payments through a system based on the software that supports bitcoin, the company announced Friday. Using a program built by Ripple, a San Francisco firm, BBVA has transferred about 50 euro-denominated payments to Mexico from Spain in seconds. Such transactions normally take up to four days to clear, the bank said.