Alfa-Bank’s blockchain projects for big corporate business win an international award

The international financial magazine Global Finance has named Alfa-Bank a winner of the Innovators 2019 award in the Payments nomination. The Bank was recognized for its blockchain projects for big corporate business launched in 2018 and early 2019. This year, Alfa-Bank is the only Russian bank to win the Innovators award.

“Innovative projects for big corporate business not only bring a substantial economic effect through the drastic reduction of costs. New technologies boost payment transparency and actors’ confidence in information and reduce the amount of receivables,” Alfa-Bank Transaction Business Director Pavel Ryazanov said in a statement.

The Global Finance panel appreciated the service of accounting and distribution of utility payments launched by the Bank in February 2019. The service is based on the R3 Corda blockchain platform. In addition, Global Finance noted the project implemented by Alfa-Bank in collaboration with S7 for interaction between agents, the airline, and air ticket buyers. The case was fully implemented within the existent legal field, which demonstrated blockchain’s applicability in optimization of ongoing business processes in Russia.