BBVA, Repsol sign agreement to develop blockchain-based financial solutions
The two companies have just used the blockchain technology to renew a credit line worth €325 million, the first initiative of this collaboration.
BBVA and Repsol have just closed a revolving credit facility (RCF) which for the first time uses distributed ledger technology (DLT) in a pioneering pilot in the area of corporate finance.
Negotiation of the long-term credit line worth €325 million was completed using BBVA’s blockchain network, which reduced the process to a matter of hours rather than days in a fully transparent operation that allowed the tracking and approval of the documentation involved.
“Repsol wants to actively take part in collaborative environments. Blockchain is a disruptive technology that is here to stay and the agreement with BBVA advances our strategy of driving digitization in all areas of our activity”, said Nuria Ávalos, the head of Blockchain and Digital Experimentation at Repsol.
Repsol has earmarked blockchain as a technology with great potential and competitive edge for its new businesses. Repsol already has a lab for its lines of development in improving financial processes with added security and efficiency and advances in the supply chain and client fidelity.
Alicia Pertusa, Head of Strategy and Blockchain at BBVA, said the first pilot by BBVA and Repsol kicks off an alliance 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,” Pertusa explained.
