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Spanish Banks Complete Tests of Programmable Payments for Smart Contracts

“Banco Sabadell, Banco Santander, Bankia, BBVA and CaixaBank have successfully completed a proof-of-concept test to enable the execution of payments triggered by smart contracts in blockchain networks. The initiative, coordinated by Iberpay, the company that manages the Spanish Payment System (SNCE), confirmed the viability of employing blockchain technology to the payments sector, allowing the automatic execution of payments when certain pre-established conditions are met, such as the automatic payment upon signing a contract or the execution of automatic payments upon receipt or shipment of goods.”