Alpha Bank has joined the international blockchain-a consortium of R3, said operating officer of the Bank Maria Shevchenko. In the framework of cooperation the Bank intends to use the blockchain to work with foreign partners.
The first joint project will be testing the application to identify participants of the business process in accordance with the standards of KYC and using the platform Corda, which has involved 24 banks.
Following the direction on the basis of the blockchain Russian Bank will be determined after gaining access to R3 database. According to preliminary data, it will work with foreign partners for documentary credits.
«After we get access to the basis of R3, we can see the results of research and of innovation, as well as information on projects that implement the consortium members on the basis of Corda, and use available best practices for further implementation in their processes. Most likely, in the near future we will also join the project to operations with documentary letters of credit,» – said Shevchenko.
Since Alfa-Bank – the only major Russian banks among the participants of R3 (prior to this the Russian participants of R3 represented the accelerator for FINTECH startups and Fintech Lab company Qiwi), to work in Corda at the first stage the Bank will be in overseas markets. However, according to Shevchenko, pretty soon the Bank will appear and Russian contractors.
«Initially, we plan to gain experience in the international market. And as R3 join other Russian banks, we will be able to interact with colleagues inside the country. I think that we will find synergies between the draft aft and R3», she said.
According to representatives of Alfa Bank, a partnership with R3 and its participants will create new tools for financial transactions, as well as significantly speed up the settlement of transactions and reduce the cost of individual operations.
«In the future we may consider options for the use of Corda and international transfers,» – said Shevchenko.