The largest commercial bank in Russia is developing a new digital cash service where all transactions will be transmitted and cleared via the blockchain
The service will be developed by Alfa Bank in partnership with HashCash, a private, permisionless digital cash system, will see the latter create a clearing house and payment router enabling all transfers to Alfa bank to take place on its open source blockchain platform HC Net.
According to HashCash Consultants managing director Raj Chowdhury, the initiative creates „a clearing house solution that combines the liquidity efficiency of a netting system and the intra-day finality of a real-time gross settlement system”.
The project is not Alfa Bank’s first blockchain-based venture, following its work with fellow Russian bank Sberbank on the country’s first blockchain payment and a collaboration with a local airline for blockchain-based ticket sales.
Source: finextra.com
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
