Brief: Sberbank Initiates Pilot Blockchain Payment, Partners with MegaFon, MegaLabs, Alfa-Bank & IBM

Sberbank, Russia’s largest bank which  almost one third of aggregate Russian banking sector assets, is the key lender to the national economy and the biggest deposit taker in Russia. The bank has now spearheaded a Russian banking industry first: a pilot blockchain payment transaction. The transaction used the IBM Blockchain Platform on the basis of HyperLedger Fabric. Sberbank’s partners and participants in the pilot include MegaFon, MegaLabs, Alfa-Bank and IBM.

“The blockchain solution created by Sberbank has allowed us to make the first pilot payment transaction – using IBM Blockchain technology – in the history of the Russian banking industry,” clarified Sberbank CIB Managing Director Stella Kudachkina. “Above all, the advantage of using this technology when performing settlements is the high speed at which transfers are made: after the money is sent the transaction is recorded on the receiver’s account almost instantly, in real time, unlike the traditional system that is used to make transfers.”

Sberbank CIB organised the process of transferring money from the payer to the receiver using blockchain technology. Sberbank’s IT infrastructure was used to set up a service for establishing the uniform transaction procedure, the certification centre of the network, and a web app for the client with a personal account section. In addition, Sberbank and Alfa-Bank hosted the nodes of the blockchain network. The technological process which was created will serve as the primary scenario for developing a new settlement function.

In other Sberbank new, this past October Sberbank and SWIFT signed a memorandum of cooperation to develop and market Fintech products created and promoted by SWIFT.

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