Raiffeisenbank together with “Gazprom oil”, an oil refinery and Priorbank had a deal on a new blockchain system for international Bank guarantees. This was reported to “Kommersant”.
According to the publication, the company held with the blockchain-platform trade Finance deal, that is, the deferred payment for the purchased goods. As security for performance of an obligation based on electronic Bank guarantee. The essence of the transaction was the supply of “Gazprom oil” goods for the Mozyr oil refinery. Bank, lender, or beneficiary, was made by Raiffeisenbank and Bank on the part of the principal-factory — Priorbank.
System for Bank guarantees has developed Raiffeisenbank. As the basis the developers used their own blockchain organization R-chain. Each party of the transaction connected to the network, and thus, it functioned with four nodes.
“It was used the model of full integration has resulted in the greatest transparency”, — said the representative of the Raiffeisenbank Tatiana Ivashkova.
In contrast to the SWIFT system, which are mainly used in international trade for issue of Bank guarantees in the blockchain system, access to all the information about the deal is every member, not just banks. It increases transparency and widens the freedom of action of customers. In addition, the blockchain-the solution reduces the execution time guarantees and significantly reduces the size of the commissions.
Raiffeisenbank plans to further apply the new system to complete transactions within the banking group “Raiffeisen”. Organization and previously used the blockchain to optimize different processes: the Bank is a participant of the project “Mastercam” platform, developed by a consortium of “FINTECH”. With its help, Raiffeisenbank has already released e-mortgage for mortgage lending. “Mastercam” also are developing systems for Bank guarantees, but the Bank decided to create its own platform, not to duplicate projects.
Note that SWIFT in Russia is trying to replace the national System of transmission of financial messages (SPFS), which in 2019 plan to transfer to blockchain.