Russian VTB patented technology to create multimetering settlement and payment on blockchain systems that became the first in the history of the Bank the opportunity of patenting the results of intellectual activity.

With this technology, noted in VTB can be created for individuals and legal entities and other banks, digital products, services and payment instruments, “solving the problem of accounting of mutual settlements between a virtually unlimited number of participants in the system.”

“Multiasistencia system has the potential to reduce costs and improve the efficiency of business processes for all participants,” said the Bank.

Deputy President-Chairman of Board of Bank VTB Olga Dergunova considers that on the Russian market, practice of intellectual property protection in the field of financial and kolopinsky technologies has formed, so the Bank is going to move in this direction and calls to the peers in the industry.

Recall that in November last year, senior Vice President of VTB Dmitry Snesar said that the Bank does not consider the use of blockchain technology, and he sees opportunities for its commercial use.