Mozyr oil refinery (MNPZ), Raiffeisenbank and Russian company “Gazprom Neft”, as well as Belarusian Priorbank held a trade Finance deal with the international digital Bank guarantee on the basis of the blockchain platform R-SAP. The “Gazprom oil” became a beneficiary, MOR – principal, Priorbank became the Bank’s principal and Raiffeisen Bank advising Bank.
Although the amount of the transaction were not disclosed, the participants noted that the use of new technology has significantly reduced the time of issue of the warranty and Commission expenses, while increasing transparency at all stages of the process. According to Raiffeisenbank, “all parties were fully connected to the platform,” the transaction involved four nodes and applied the model of full integration”. While in traditional practice, access to the SWIFT messages on the issuance of Bank guarantees are only banks.
Reportedly, initial plans of Raiffeisenbank to produce using blockchain technology digital Bank letter of credit, but to automate the process of verifying the documents confirming the fact of granting of the goods or services was not possible. In the future, new technology will be applied to transactions within the banking group.
Recall that in September the Russian Raiffeisenbank for the first time conducted a transaction to issue an electronic mortgage, using a decentralized Depository system (DDS) on the blockchain the platform Mastercan.
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