Eight looking great for fast track blockchain
The Spanish National Securities Market Commission (CNMV), BME and a group of financial institutions have revealed a pilot test for improved issuing of warrants.
CNMV, BME, and the group – formed by Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Societe Generale – have been collaborating over the past year on a project called Fast Track Listing (FTL), which is based on blockchain technology.
According to the group, the pilot test conducted has shown that it is possible to reduce by more than 70% the time needed to register the issuing of warrants.
It has been “proven that the use of blockchain technology can improve efficiency in terms of time and resources, as well as increase the security and traceability of processes”.
The project has included the completion of a proof of concept test which has been carried out “successfully” and consisted of the registration of an issuance of warrants.
The group says this test has proved that it is possible to execute the process in 48 hours compared with an average timeframe of more than a week (a reduction of over 70%), thanks to the connection of all the systems, automatic validation of requirements and their transparency.
After obtaining such results, all of the participants say there are actively contributing to this project.