Revolutionizing cross-border payments with blockchain technology

vottun payments

Need of project

SWIFT transfers are a system used by most banks worldwide, born with the aim of standardizing interbank messaging for cross-border transfers. Despite having succeeded in standardizing and streamlining processes for international transfers, it remains a lengthy process (request deadlines are between 24 and 48 hours) that involves commissions and fees due to currency exchange.

Therefore, Vottun has collaborated with the Bank of Spain to develop a solution that uses blockchain technology as infrastructure instead of the traditional SWIFT banking system. This allows multinational companies with different subsidiaries to reduce time and costs when making cross-border transfers with “stablecoins,” opening multiple possibilities for treasury forex operations.


With the solution developed by Vottun, the process of cross-border payments between subsidiaries is automated and simplified. The process begins with the loading of invoices by participating entities. Subsequently, the tool performs a “netting” process that is recorded on the blockchain and automatically provides a balance of payments between entities. Once the parent company authorizes the payment, it is immutably recorded on the blockchain, and subsidiaries receive the payment in their local currency.

The terms of the agreement, as well as exchange rates and loan conditions, are immutably recorded in a Smart Contract. Additionally, the system provides real-time transaction verification reports, allowing auditors and regulators to access regulatory compliance information.

This solution has been overseen by PwC and tested by major companies such as Iberdrola, Grupo Ficosa, and Grupo Antolín, under the supervision of the Bank of Spain.

Added Value

Efficient Clearing Process: Participating entities upload invoices onto the platform, and the system automates a clearing process recorded on the blockchain, providing a transparent balance of payments between entities.

Blockchain Technology: Enables secure and immutable recording of transactions.

Compliance with High Standards: The solution adheres to the highest standards of cybersecurity, privacy, GDPR, and AML/KYC established by the Banco de España.

Oversight and Testing: This solution has been supervised by PwC and tested by major companies such as Iberdrola, Grupo Ficosa, and Grupo Antolín.