How is blockchain introduced in Russian banks?
Despite the fact that the technology of the distributed registry disappeared from the view of the masses in 2018, large companies continued its integration into their business. In particular, the idea of using blockchain in banks, which was actively distributed back in 2017, received a new impetus to development. Now it is used not only by world-famous financial organizations, such as Goldman Sachs, Barclays, Bank Santander, but also by Russian companies.
Blockchain in banks: new technologies for money transfer and payment for utility services
VTB Bank was one of the first who decided to work with a distributed registry. In particular, the IT department of the Russian giant has released a technology that allows for fast cross-border payments. The financial institution has already received a patent for development. Experts expect that in this way, VTB specialists will be able to create quickly highly scalable services available for use by both legal entities and individuals. The bank is confident that such a decision will reduce the fees for transfers, as well as improve the efficiency of processes.
The company launched in test mode a product called “Digital Accounting Service”. Blockchain system allows to make peer-to-peer transfers. Enumerations are made thanks to smart contracts, and the speed and number of possible transactions is limited only by blockchain’s capabilities. Olga Dergunova, deputy chairman of the bank’s management, noted that VTB’s development is an essential step towards integrating a distributed registry into financial systems around the world.
German Gref, head of Sberbank, also sees good prospects for technology. According to the expert, blockchain will be massively implemented in Russia over the next 2-3 years. Nevertheless, Gref was critical of the government’s initiative to create special crypto-regions, in which new developments will be tested. The specialist is sure that the tests of blockchain and cryptocurrency in no way can be segmented by geographic principle.
Not far behind colleagues from VTB and Alfa-Bank. In particular, the company announced the launch of the platform for accounting transfers for utilities.
The financial institution expects that in this way it will be possible to make payments more transparent, and even reduce the debts of the organizations to the operators. To create the service, Alfa-Bank has entered into a partnership agreement with Kvartplata24, which offers cloud payment services. Together, organizations have created Blockchain-platform, which allows to distribute effectively transfers for communal. To create the platform, an open source R3 Corda type blockchain was used. A test launch of the service showed its effectiveness. Alfa-Bank specialists made a payment in favor of the leading electricity supplier of the Russian Federation.
The financial institution expects that in the near future, such decisions will reduce transaction fees, and make transfers more transparent. In addition, Alfa-Bank professionals are convinced that this way it will be possible to reduce the debts of corporate clients to service providers.
Experts note that the platform is easy to use, easy to integrate into the company and does not require large maintenance costs.