IBOS member Banco Santander and financial institutions join forces to innovate with blockchain technology.

IBOS member Banco Santander, along with BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have collaborated with the Spanish National Securities Market Commission (CNMV) and BME on an initiative called “Fast Track Listing” (FTL), which is based on blockchain technology.

The objective has been to simplify processes and reduce the amount of time needed to register issuances. A pilot test that was conducted proved that blockchain technology can improve efficiency, reducing more than 70% in terms of resources and time. Additionally, it has been proven to increase the security and traceability of processes.

After obtaining such good results, CNMV has decided to continue exploring the possible uses of this technology in its processes and continue with the project. BME and all the national warrant issuers (Banco Santander, BBVA and Caixabank), as well as international warrant issuers (BNP Paribas, Commerzbank and Société Générale), are also actively contributing to this Project.

Read the full press release via Santander here.