Monday, July 26, 2021
Home Latest News Blockchain Russia’s Alfa-Bank offers blockchain platform for freelancers

Russia’s Alfa-Bank offers blockchain platform for freelancers

Alfa-Bank is exploring blockchain technology in its services for freelancers.

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.

Kuzmichev mentioned:

“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.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.


Please enter your comment!
Please enter your name here

- Advertisment -

Must Read