Spanish banking group BBVA has introduced its latest digital onboarding solution, enabling over 650,000 companies to open and manage a business account in a few clicks.

Using the online registration process that takes less than 10 minutes to complete, the businesses can become BBVA clients without having to deal with paperwork or branch visits.

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To open a business account online, the companies are required to submit their sole or joint administrator’s digital certificate, issued by Spain’s National Mint and Stamp Factory.

The roll-out of the new service concurs with the first anniversary of the BBVA business transformation factory that was launched to offer improved digital solutions to the business customers of the bank.

BBVA head of the business transformation factory Oscar Vélez de Mendizábal said: “We have managed to launch a truly simple, fast process for companies who want to become BBVA clients.

“Furthermore, it is a solid and rigorous process, in full compliance with current legislation and with the highest standards of security.”

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The Spanish lender said that the business clients will not be charged commissions for the account or associated debit or credit card for a period of one year.

Besides, no fees will be charged for the issuance of euro denominated cheque, deposits, as well as ordinary euro transfers made online or at BBVA ATMs.

Furthermore, the businesses will not have to go anywhere to get a flat monthly fee for their point of sale (POS) terminals that will not be charged for the first four months.

They will be given financing options such as Click&Pay that enables drawdown requests on a set amount of credit to cover operating costs.

BBVA said that over 90% of its business customers currently use digital channels for banking.