Allfunds, the fund distribution platform, is developing a blockchain payment system aimed at providing greater settlement efficiencies and lower costs.
Allfunds will work with Iberpay, a Spanish payment services company, and the move comes shortly after the firm announced the launch of the Allfunds Blockchain company.
The payments technology is intended to let financial institutions streamline and automate processes through secure, smart contracts.
Iberpay and Allfunds are also working on a second project to test the connection of different blockchain networks within the funds industry.
Alberto Hernández, Allfunds Blockchain's CTO, said: “It is crucial to collaborate between solutions to generate opportunities that will bring us closer to the scenario of interoperability of blockchain networks of different scopes.”
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