Bankia gives blockchain payments application to FinTech sandbox

Bankia gives blockchain payments application to FinTech sandbox

Blockchain’s unprecedented success has enabled various companies operating in the field to expand globally via being involved in various business tactics and strategies. In one such instance, recently, Bankia- a Spanish financial services firm, announced submitting its blockchain payments solution to a new Fintech sandbox, which is allegedly run by the Ministry of Economic Affairs and Digital Transformation of Spain.

It has been reported that the project is expected to be carried forward in a partnership with Finweg. For the record, Finweg is a blockchain startup which observed investment from Bankia last year. Moreover, the blockchain startup was declared as a contender at Bankia’s Fintech accelerator and executed a proof of concept for the life cycle of electronic promissory checks and notes.

Speaking on the move, Corporate Director of Innovation and Cybersecurity Bankia, Ignacio Cea, cited that the company is committed to plans and developments that look toward revolutionizing the financial system via digitization of services that add value to customers, like payment systems for SMEs and enterprises, backed by highly advanced technology.

As per credible reports, Bankia had in the last year launched ChainLab to seek blockchain use cases in the financial segment. It addition to this, Bankia is a member in Iberpay’s blockchain payment trials, a member of Spanish consortium Alastria, and also a participant in Niuron banking association.

About Finweg

Finweg boasts of a blockchain payments solution that is aimed to provide multiple use cases. Let alone the electronic checks, it also offers direct debit process that enables the current status to be visible to almost all the participants, including the payment beneficiary and their banks, and the users.

Additionally, it also delivers a conditional payment solution which is expected to benefit SMEs. Small business expect to see evidence of the money they would receive for a business transaction, provided all the conditions have been met. Alongside, Finweg has various other uses for deferred payments and their financing, certificates of deposit, and managing guarantees.

Source Credit: https://www.ledgerinsights.com/spain-bankia-tokenized-blockchain-payments/