How will blockchain improve cross borders payments?

how can blockchain help improve

international transfers the Spanish

businessman wants to make an

international transfer to pay for a set

of goods that he just received from

Latin America although he's going to

issue the transfer order immediately he

has no way of knowing when the payment

will arrive at its destination also the

businessman isn't sure about the amount

of money he should transfer because he

doesn't know the additional charges the

process may entail as the days go by is

uncertainty grows he has no way of

tracking the status of the transfer in

which several agents are involved at

BBVA a team of engineers economists and

designers are exploring what tomorrow's

international transfers are going to be

like DLP technology sports love change

allows for improved communication

between the parties involved in the

process the encryption properties of

these networks also enable the immutable

recording of transactions and enhanced

traceability to make clear at all times

what is going on with the payment

finally turning payments into a sequence

of coded and digitally signed events

makes it possible to collect all the

information necessary about the process

from start to finish and make it

available to all the parties involved in

the payment

using blockchain technology our business

man is going to make an international

transfer to Mexico before signing the

payment he is already aware of the costs

of the transaction after signing in just

a few seconds he receives a message

confirming that his money has been

received at the destination also if any

issues arise

he's perfectly aware of the status of

his payment and has all the details he

needs to identify it at BBVA we want to

change the world of international

payments and that is why we are

exploring new disruptive technologies

that will allow us to deliver financial

experiences that help simplify and

streamline our customers businesses BBVA

creating opportunities