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The new Alfa-Bank new service will be divided into two applications: the Alfa.Corporate and My Income app.
One of the largest private commercial banks in Russia Alfa-Bank JSC has announced that it has partnered with the Waves platform to venture into blockchain technology for its services, particularly for freelancers.
According to news outlet Cointelegraph, the bank will make use of blockchain-based applications to automate payment systems for its customers.
Alfa-Bank and Blockchain
Notably, the new service will cover the entire process of registration and remuneration, including payments settlement, income registration and tax payments.
Speaking to Cointelegraph, Denis Dodon, director of Alfa-Bank’s research and development center, said that the new blockchain-based service will enable freelancers to get direct remuneration through any bank of their choice.
As a result, Alfa-Bank customers will benefit from the new blockchain-based payment system while the Bank anticipates seeing an increased customer base. Through the use of a distributed ledger, a decentralized blockchain-based technology, and also smart contracts, the bank promises a secure, transparent, and seamless payment system.
“DLT and embedded smart contracts with an end-to-end integration into the banking core settlements and clearings system allows to effect automatic formation of payment instructions […] with direct transmission of payment instructions via DLT to cards and bank accounts of self-employed in any bank,” Dodon explained.
Apparently, the new Alfa-Bank new service will be divided into two applications: the Alfa.Corporate and My Income app. Whereby the former will be enterprise- focused while the latter will be the platform meant for individuals.
Through the press release, Igor Kuzmichev, chief commercial officer at the Waves Enterprise, said the new Alfa – bank services will be a huge boost to the fintech industry as it enhances customer’s expectations and overall security.
“Thanks to blockchain core features – data transparency and immutability – new bank services can now be developed at customer’s side but not in the core banking system environment. This approach significantly boosts time-to-market and brings new developers into the fintech ecosystem,” Kuzmichev explained.
On the Flipside
With approximately 30 years since its inception, Alfa-Bank has tremendously grown to be a respected financial institution both in Russia and Ukraine. Understanding that investing in the latest technologies will put it ahead of its competitors, Alfa-Bank has significantly invested in cutting-edge technology including artificial intelligence and now blockchain technology.
Earlier this year, the bank implemented an intelligent voice analysis system. As a result, the bank widened its revenue collection from the intelligent voice analysis system customers.
The bank has also partnered with leading industrial players to further its course of streamlining the payment system. One of the notable partnerships was with MasterCard Inc (NYSE: MA) to launch the production of AlfaPay wristwatches with an integrated debit bank card based on PayPass technology.