Raiffeisen Bank Developed Blockchain Platform To Automate Settlements In Russia
Raiffeisen Bank developed the Blockchain platform to automate settlements with suppliers and customers in Russia reported on 31 May 2019.
The technology of distributed registries allows us to bring the service that our bank provides to corporate customers to a new level and offer products that banks have never offered to their customers before.
– Anatoly Shvedov, head of the corporate and investment banking products department
In fact, the bank created a new channel for remote banking services for customer payments – legal entities in 24 × 7 mode
Raiffeisen Bank has developed this product based on blockchain technology on demand of the major local sleep products manufacturer Askona Life Group that can be used by bank’s other corporate clients.
Evgeny Kirillov, investment director of Askona Life Group said that they wanted to improve the operational efficiency of the business by automating the back-office processes that can be done easily using blockchain technology.
This blockchain platform allows corporations to automate processes, making them simpler and more transparent, require less time, labor for communication are reduced, and the human factor is eliminated.
Previously, the Largest Bank of Russia, Sberbank has stopped its crypto project developments by halting all operations and plans of the crypto project due to the negative attitude of the Central Bank reported on 30 May 2019.
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