BBVA Compass CEO : Money Transfer Test with Ripple went ‘Very Well’

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BBVA Compass completed a test last year moving money from Spain to Latin America in a matter of seconds using technology from Ripple. The run was enough of a success to spur the bank into exploring further tries at the booming cryptocurrency business, the bank’s chief executive Onur Genç said in a recent interview with the Dallas Business Journal.
The bank and other financiers are scurrying to keep up with pioneers in blockchain, a kind of digital ledger that allows currencies like Bitcoin to be distributed and other payments processed at a lower cost than money is moved today. Dallas-based MoneyGram recently said it was conducting a pilot with Ripple, and even smaller technology investment firms in the area are looking at how to get in on the sea change in how money is sent around the world.

BBVA Compass, which has a holding company in Houston, is also working on plans to allow borrowers to take out small personal loans using blockchain without having to go into a bank.

“It’s going to be a different world. It’s a different technology. It’s powerful,” Genç said. “We think something really big is happening in our sector, and we want to be at the forefront.”

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BBVA Compass CEO : Money Transfer Test with Ripple went ‘Very Well’

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