The initiative answers to the commitment of participating companies for the financial innovation to anticipate the evolution of the sector before the adoption of technologies based on blockchain that they promote the creation of new value services for its clients
The test constitutes a relevant advance for the development of the ecosystem of digital money in Spain and confirms the crucial role of the money tokenizado as a fee-paying mechanism and settlement in the digital markets
The initiative has generated a shared knowledge base on that which follow moving forward
ABANCA, Cecabank, Ibercaja, Kutxabank and Unicaja have completed successfully the first concept test of deposits tokenizados of character full service bank in Spain, a landmark that confirms the potential of the digital money to transform fee-paying and settlement processes in the financial field.
All of them bet for the financial innovation to anticipate the evolution of the sector before the adoption of technologies based on blockchain and they share the vision of that these new infrastructures will allow, in the medium term, build a financial ecosystem based on a lither infrastructure, fast, sure and transparent, providing the development of new services of great value for its clients.
The test has been executed in a closed and controlled environment, through interbank transfers of deposits tokenizados between the participating companies, using a structure of accounts created by Cecabank to guarantee the instantaneous settlement of the movements in synchronicity with the generated operations on the internet DLT.
The results have allowed validating the technical feasibility and operations of the model and they constitute a relevant advance for the development of the ecosystem of digital money in Spain, when demonstrating the improvements that the instrument can offer when dealing with traditional settlement processes and generate a shared knowledge base on that which follow moving forward.
The test gives continuity to other innovation initiatives including the test of concept for the issuance of a bond tokenizado, developed in 2024 in coordination with the Banco de España, consolidating thus a path of collaboration aimed at explore technology-based financial new infrastructures DLT.
Projects as Pontes and Appia, promoted by the Eurosystem, are contributing to define the future architecture of the digital financial system European, in which the money tokenizado is so-called to carry out a crucial role as a fee-paying mechanism and settlement in the digital markets.
This first initiative of deposits tokenizados in Spain has been orchestrated and managed by Cecabank, with the strategic support of Boston Consulting Group (BCG) and the technological support of the platform Asseto of ioBuilders. The project boosted by ABANCA, Cecabank, Ibercaja, Kutxabank and Unicaja also has told with the share of Colonya Caixa Pollença and Caixa Ontinyent as companies observant, that have followed the evolution and results of the test.
The deposits tokenizados
The deposits tokenizados constitute an evolution of the traditional banking deposit that preserves in its entirety its legal status, regulatory and accountant, adding at the same time the skills specific to the programmable money: instantaneous settlement, permanent and automation availability of flows through intelligent contracts.
Unlike other digital money ways, the deposit tokenizado remains in the balance sheet of the low issuing bank the same prudent frame applicable to the traditional deposit, maintaining the coverage of the Deposit insurance Fund, the function of credit intermediation and the direct contractual relationship between the company and its clients.
