Quote
https://www.ethnews.com/bank-of-russia-establishes-fintech-association
On December 28, 2016, the Bank of Russia approved the decision to establish an association for Financial Technology Development (Fintech Association). The association will consist of a governing body that includes founding members such as Alfa Bank, VTB Bank, JSC National System of Payment Cards, along with a supervisory board and chief executive officer.
How does this effect Ethereum?
In October 2016, the Bank of Russia and its largest banks ran a test Ethereum-based prototype for financial messaging called “Masterchain.” The platform provides secure confirmation of customer transactional data, provides banking affiliates with state-of-the-art products and services, and speeds up transaction confirmation times. The adoption of an Ethereum-based, country-wide solution could turn heads in the FinTech industry and assist Ethereum with securing a foothold in Russia and other countries.
On December 28, 2016, the Bank of Russia approved the decision to establish an association for Financial Technology Development (Fintech Association). The association will consist of a governing body that includes founding members such as Alfa Bank, VTB Bank, JSC National System of Payment Cards, along with a supervisory board and chief executive officer.
How does this effect Ethereum?
In October 2016, the Bank of Russia and its largest banks ran a test Ethereum-based prototype for financial messaging called “Masterchain.” The platform provides secure confirmation of customer transactional data, provides banking affiliates with state-of-the-art products and services, and speeds up transaction confirmation times. The adoption of an Ethereum-based, country-wide solution could turn heads in the FinTech industry and assist Ethereum with securing a foothold in Russia and other countries.
Quote
https://cointelegraph.com/news/s7-airlines-and-alfa-bank-test-blockchain-for-b2b-payment-in-russia
S7 Airlines and Alfa Bank Test Blockchain for B2B Payment in Russia
Recently, Alfa Bank has collaborated with S7 Airlines to test an execution of service payment transactions using smart contracts deploying Blockchain technology.
Alfa Bank provided the participants of the deal with special facilities through its Alfa-Business Online electronic system. Using this system the customer applies for the opening of the letter of credit, and the contractor then submits all necessary documentation upon finalizing of service delivery to the bank. Once the application for opening the letter of credit has been submitted, funds can be withdrawn from the customer’s account and first transferred to a special transition account and later to the contractor’s account.
Key steps of the deal – opening and closing of the letter of credit – have been performed as transactions deploying smart contracts using the Ethereum platform, and were registered in the distributed ledger. Records in the distributed ledger contain a hash of the following information: deal’s identification codes, type of services, and terms and conditions. This allows for all participants of the deal to check its status at any time
S7 Airlines and Alfa Bank Test Blockchain for B2B Payment in Russia
Recently, Alfa Bank has collaborated with S7 Airlines to test an execution of service payment transactions using smart contracts deploying Blockchain technology.
Alfa Bank provided the participants of the deal with special facilities through its Alfa-Business Online electronic system. Using this system the customer applies for the opening of the letter of credit, and the contractor then submits all necessary documentation upon finalizing of service delivery to the bank. Once the application for opening the letter of credit has been submitted, funds can be withdrawn from the customer’s account and first transferred to a special transition account and later to the contractor’s account.
Key steps of the deal – opening and closing of the letter of credit – have been performed as transactions deploying smart contracts using the Ethereum platform, and were registered in the distributed ledger. Records in the distributed ledger contain a hash of the following information: deal’s identification codes, type of services, and terms and conditions. This allows for all participants of the deal to check its status at any time
