Alfa-Bank became a member of the international blockchain network

Alfa-Bank became a member of the international blockchain network
CONTENT

  • Alfa-Bank became the first Russian bank to join the international blockchain network Contour

  • With the help of distributed ledger technology, the processing time for letters of credit will be reduced from 10 days to 24 hours

  • Earlier, Sberbank presented its own cloud blockchain platform for automatic payments

Alfa-Bank became a member of the international blockchain network

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Alfa-Bank became the first Russian financial institution to join the international blockchain trade finance network

Russian Alfa-Bank has joined an international blockchain trade finance network called Contour. The bank announced this on its official website. Contour project, created in collaboration of international banks BNP Paribas, HSBC, ING and Standard Chartered, aims to provide a fast and transparent form of settlement between buyers and sellers.

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Alfa-Bank became a member of the international blockchain network

Due to the fact that opening a letter of credit (a guarantee from a bank that the seller will receive payment) requires a large number of documents and time (up to one week), the Contour blockchain network was invented, which reduces the processing time of letters of credit from 10 days to 24 hours.

Yevgenia Fomina, Head of Alfa-Bank Lending Directorate, believes that the bank’s accession to the international blockchain network “will clarify the strategy for the development of products for cross-border transactions.”.

“Customers’ demands are becoming more complex and we always strive to offer the best solutions,” she added..

Blockchain Economy

The Contour blockchain is based on the developments of the R3 consortium, to which Alfa-Bank joined in 2018. Alfa-Bank joins the blockchain consortium a week after Russian Prime Minister Mikhail Mishustin called for the creation of a digital platform from the country “in the good sense of the word”.

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Alfa-Bank became a member of the international blockchain network

“… if it [the state] does not become a digital platform, the threat to the existence of many states comes today from large digital giants,” Mishustin said at a meeting of the Valdai Discussion Club.

Alfa-Bank is far from the only financial institution in the domestic market that is actively pursuing developments in the field of blockchain technologies. At the end of July, for example, Sberbank introduced its own cloud service based on blockchain technology for automatic payments. With the help of a new blockchain service, companies can automate business logistics using ready-made smart contracts, or develop their own contract.

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