Cecabank y Grant Thornton create the first Bank Blockchain Consortium in Spain
· The new ecosystem will pioneer the real use of Blockchain in the financial sector.
· The consortium will create the first applications with real impact in the Banking Business with this technology.
The wholesale bank Cecabank and the professional services firm Grant Thornton have created the first Blockchain Banking Consortium in Spain. The project’s objective is to develop the potential of Blockchain technology in the banking sector. CECA, who is the main owner of Cecabank, is a consortium that today comprises 33% of the Spanish banking sector, and positions itself in a pioneer position, as its members will be the first financial entities to develop applications bases in Blockchain in a shared environment, with real impact on the banking business.
One of the first tools created by the consortium will seek to increase the efficiency in the anti money laundering (AML) processes of the members. The solution allows to digitally identify the customers in a secure way, thanks to the recognition system KYC (You’re your Customer) based in Blockchain technology. Additionally, the consortium will develop other proofs of concept that allow to provide usual banking processes with more agility, or even to create new business models.
Along with these applications, that will be developed using Blockchain technologies such as Ethereum or Hyperledger Fabric, the consortium has also the objective of taking advantage of the knowledge in Blockchain technology currently existing in the Banking sector. To do so, Cecabank and Grant Thornton have created a Blockchain development collaborative environment, dedicated to continuous investigation of the most important breakthroughs of this technology. In this corporative work core, the member companies of the consortium will be able to test their last discoveries, including those still in proof of concept phase, and evaluate with Grant Thornton’s professionals their future viability in each of their businesses.
Jaime Manzano, Head of Reporting Services, Operative Management and Bank Training of Cecabank said: “the new consortium allows us to have a privileged position in the market, as we are going to be the first banking entities to work with this technology with real solutions, under a transversal and multidisciplinary environment. Employees of all functional areas will not only get to win deep knowledge of the technology, but also all the news surrounding Blockchain, which are critical considering the constant evolution it is involved in”. Additionally, Cecabank insists that this is “an initiative aligned with our strategic plan, in which new technologies allowing costs and risks reductions and improvement of the customer experience are a critical part”.
A consortium launched by professionals from several areas.
Cecabank’s bet on Grant Thornton to launch the Consortium, is because of its collaborative model, combining the presence of developers and lawyers, pioneers in this technology, with experts in finance, cybersecurity, innovation and consultancy, that provide a transversal approach. According to the members, this approach allows both the creation of the consortium and the coordination between all the participants, in such a way that all the potential of this disruptive technology can be unlocked in a short period of time.
According to Luis Pastor, Technology and Innovation Partner at Grant Thornton, “we are going to work to allow this consortium to create the first usable banking applications based in Blockchain, but also to allow it to grow into a reference core the development of the technology in Spain, an epicenter third companies from different sectors can join with to maximize its utility. Our goal is to help Cecabank undergo the necessary changes to allow their members to be in the firsts in benefiting from Blockchain”.
Cecabank is an Spanish wholesale bank that provides services for all finance entities, specialized in Securities Services, Treasury and Banking Servicer. Cecabank offers financial and support services to B2B business processes, mainly Bank to Bank, adding to its customers companies (Corporates), insurance companies, public sector and international banks.