On Wednesday, November 19, the Spanish Factoring Association held its II Inter-Assembly Congress at the facilities of Banco Santander, located in Luca de Tena. Alvantia had the honor of sponsoring this event, which was focused on the implementation of Inblock, one of the largest consortial and collaborative projects for the digital transformation of trade finance in the Spanish financial sector.
Inblock is a platform based on blockchain technology that performs a double validation of the invoices provided by each financial institution. Thanks to this verification system, each registered invoice is validated against the rest of the market and is verified in the tax agencies (AEAT and Regional Tax Authorities), so that financial entities can check if an invoice exists and if it has been previously assigned to another entity, speeding up and securing the assignment process.
Main advantages of Inblock
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Increased access to financing – Companies, especially SMEs, can more easily access trade credit-based financing; at the same time, there is greater certainty that the credit provided actually exists.
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Increased agility and time reduction – The time required for the granting of short-term financing lines is reduced.
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Download in operational processes – Facilitates entities to avoid requesting additional documentation, and promotes the digital assignment of trade receivables.
If you want to know more about Inblock you can do it here here.
