BBVA has issued online guarantees of over 1,000 million euros through Avalbox in Spain. It is a digital warranty service that was launched in July 2018. This was reported by Banking News on December 25th.
As mentioned earlier, BBVA AvalBox is a digital presentation service for guarantees. In addition to guarantees for companies, this service now also enables promoter guarantees to be requested for home buyers.
“This allows BBVA developer customers to request and issue guarantees which are designed to guarantee the amounts delivered by the buyers of their homes before the deed of sale is formalized. In this way, 100% of the organizer’s guarantees can be requested and issued digitally, ”says the article.
“With the BBVA AvalBox it is also possible to present guarantees in autonomous public institutions. In particular, there are nine Autonomous Communities (Murcia, Andalusia, Extremadura, Basque Country, Balearic Islands, La Rioja, Navarra, Galicia and Cantabria) that have already included in their systems the possibility of allowing the submission of digital guarantees as beneficiaries ”, they added later
In this sense, The aim of the financial institution is for other autonomous governments to join. The community of Madrid and Castilla y León is expected to join the AvalBox soon.
And they emphasized that BBVA business customers can also submit guarantees online in other public institutions.
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