Alfa-Bank — First Russian Bank to Join R3 Blockchain Consortium

R3 is a consortium of the world’s largest banks, financial institutions, national financial regulatory authorities, trade associations and lenders, united in a single infrastructure based on distributed ledger technology (blockchain). The consortium headquartered in New York currently comprises the largest global financial companies: Bank of America, Credit Suisse, Goldman Sachs, J.P. Morgan, Barclays, Deutsche Bank, Commerzbank, Citibank, Morgan Stanley, etc. The R3 consortium members are united by the single Corda platform, which has a number of advantages compared with other similar functional financial systems.

For example, its architecture allows for multiple split-second cross-border transactions, which are confirmed and visible only to the transaction participants; Corda has no single central controller; the platform also allows the participants to independently create internal regulatory and authorization observer nodes, i.e., manage financial obligations between different financial institutions.

«This is a great opportunity to integrate well-known Russian financial institutions and its expertise in the global financial infrastructure that is build on Corda,» says Alexei Blagirev, project lead for CIS region from FintechLab, which is acting as an exclusive partner for R3 in the CIS region.

Alfa-Bank’s membership in the R3 association means another significant step ahead in the blockchain system development for the entire domestic banking sector and in the future will make it possible to offer the customers more convenient and affordable product solutions.

«Joining the R3 blockchain consortium is an important milestone on the path of integration of Alfa-Bank, the first Russian participating bank, and, eventually, the entire Russian banking community into the newest global financial infrastructure,» said Maria Shevchenko, Alfa Bank’s Сhief Operating Officer. «This is an excellent opportunity, together with the leading global market players, to create new financial transaction instruments, as well as to considerably accelerate mutual settlements under transactions and reduce the cost of individual transactions.»