Spanish bank to test programmable payments for smart contracts

According to Finextra, Sabadel Bank, Santander Bank, Bankia Bank, BBVA Bank and Caixabank have launched proof-of-concept tests to deploy an interbank smart payment platform to enable the blockchain network to perform payments. The initiative, coordinated by Iberpay, which manages the Spanish Payment System (SNCE), aims to facilitate instant credit transfers initiated by smart contracts deployed from the blockchain network. Iberpay says any business case developed using the technology can execute and program automated payments-from signing a contract to delivering the goods. The test includes a pilot project based on a virtual business case deployed in a blockchain network. The project has been implemented and each participant manages six distributed nodes.