Cecabank sets up Spanish blockchain consortium

Cecabank and Grant Thorton have joined hands to form a Spanish blockchain consortium, yet to be named, to boost KYC efforts.

Without naming names, the partners claim that the consortium already comprises 33% of the Spanish banking sector and that it will lay the groundwork for the real-world use of blockchain technology in the financial services sector.

Using Ethereum and Hyperledger, first up for the group are moves to build a KYC recognition system based on DLT, enabling members to digitally identify customers, as well as improve AML efficiency. Other proof-of-concepts are set to follow, with a focus on streamlining current processes and developing new business models.

Cecabank says that it wants to create a collaborative environment among Spain’s banks for the development of blockchain, where firms can test their latest discoveries, as well as those still in the proof-of-concept phase and assess their future viability in each of their businesses.

Jaime Manzano, head, reporting, operational management and banking training services, Cecabank, says: “The new consortium will provide us with a privileged position on the market, since we will be the first in effect to work with this technology, in a cross-sectoral and multidisciplinary environment.

“Employees of all our functional areas are not only going to gain an in-depth understanding of the technology, but also of all the new features that arise, which is indispensable, considering the momentum for constant progress maintained by blockchain.”