Bank BBVA, recently acquired by PNC Financial Services, is now offering payment and financing services on Trusple — China’s Ant Group’s blockchain platform for global trade.
“Trusple is designed to resolve the problems that SMEs [small-and-medium-sized enterprises] and financial institutions face when in cross-border trade. BBVA’s previous research on blockchain technology will allow us to incorporate new services in this platform fairly easily,” said Alejandro Cardenas Bortoni, head of Commercial Banking at BBVA México.
Ant Group, a division of Alibaba, and BBVA are working together to provide customers with an integrated platform for payments and other banking needs. With Trusple, the blockchain technology-based network is focused on speeding digital transfers and streamlining the facilitation of operations across countries, especially for small to medium-sized businesses (SMBs).
“We hope that by next year, we can help any Spanish or Mexican SME that already makes purchases from Chinese suppliers through this portal with a much simpler, easier and more transparent system,” said Pablo Lopez Tallada, the head of International Solutions on BBVA Spain.
The agreement signed with BBVA will allow the bank to integrate cross-border payment and financing services in Trusple, enjoying all the benefits from blockchain technology in terms of transparency and security.
BBVA Mexico and BBVA Spain will coordinate the new services and ensure that Mexican and Spanish importers with the capacity to import from China can “pay for the operations within Trusple, without having to use external services,” according to a company blog post.
See Also: BBVA Streamlines Cash Management For Multinationals
Trials are launching for the first systems at the start of next year in Spain and Mexico. BBVA’s pilot marks the first time the first bank in Spain and Mexico will join the international trade platform — which is a magnet for more than 10 major financial institutions around the globe.
Trusple launched in September 2020. The company’s mission is to resolve problems plaguing international trade. Import-export operations are usually long and complex processes that are paper-based. As such goods can take months to be delivered and for payments to be made. With Trusple’s proposal, distributors and supplies would have access to real-time financing.
See Also: DBS Conducts Trade Transaction On Trusple Blockchain System
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