According to a Dec. 01 announcement, Alfa-Bank, one of the biggest private commercial banks in Russia, will use blockchain technology to automate services for freelancers and self-employed workers. Based on Waves Enterprise’s blockchain platform, Alfa-Bank’s new service covers the entire process of registration and remuneration for self-employed individuals, including payments settlement, income registration and tax payments.
Denis Dodon, director of Alfa-Bank’s research and development center stated:
“DLT and embedded smart contracts with an end-to-end integration into the banking core settlements and clearings system allows to effect automatic formation of payment instructions […] with direct transmission of payment instructions via DLT to cards and bank accounts of self-employed in any bank.”
The new service comprises two applications including the enterprise-focused “Alfa.Corporate” and “My Income” platform for individuals. Igor Kuzmichev, chief commercial officer at the Waves Enterprise, noted that Waves Enterprise’s blockchain technology provides a secure data exchange between the bank and a business.
“Thanks to blockchain core features — data transparency and immutability — new bank services can now be developed at customer’ side but not in the core banking system environment. This approach significantly boosts time-to-market and brings new developers into the fintech ecosystem.”
Kuzmichev also added that the new service’s target audience includes self-employed workers like taxi drivers, cleaning and repair services, tutors, and others.