August 4, 2020

Sberbank has created a blockchain platform for automatic payments

Sberbank has created a blockchain platform for automatic payments

Sberbank presented a cloud service based on blockchain technology for automatic payments, reports TASS with reference to the Deputy Chairman of the Board of Sberbank Anatoly Popov.

Sberbank became the first bank on the Russian market to develop a cloud-based automated settlement platform based on blockchain technology.

Popov said that with the help of the new blockchain service, companies will be able to automate business logistics using ready-made smart contracts, or develop their own contract.

“Sberbank was the first Russian company to develop a cloud blockchain platform to carry out automatic fast settlements. The platform will be hosted in SberCloud "- said Popov.

According to the deputy chairman of the bank, with the help of automatic payments under smart contracts, funds are received in just a split second.

In the future, Sberbank plans to bring additional services to the cloud platform, providing an opportunity to develop new financial products for corporate clients, he said.

It is also planned to integrate support from third-party banks and technology companies.

Market reform

Sberbank has been eyeing the blockchain industry for a long time.

At the end of May this year, the largest bank in Russia announced an open tender for the purchase of ATMs with blockchain technology support.

According to the documentation on the government procurement website, the monopolist in the financial institutions market allocated over $ 108 million for the purchase of 4,917 blockchain ATMs.

Sberbank's desire to introduce blockchain into its product list may be due to the high level of complaints from Russians who are dissatisfied with the quality of services in the Russian banking sector.

In the period from January to September 2019, the BankRussia received 185.2 thousand complaints from consumers dissatisfied with the quality of financial services provided to them. Then, the greatest complaints from the Russians were caused by credit organizations - they accounted for more than half of all complaints.

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