Russian Association of corporate treasurers joined the test blockchain platform Masterchain developed by a Bank consortium “FINTECH”. This became known last week.
The Association was created to unite the professional community of corporate treasurers, and to develop standards for the operation of Treasury divisions of the Russian companies. The organisation intends to use a public blockchain-a platform to facilitate communication with the national banking system. This can also be interpreted as another step towards replacing international interbank system of information transfer and Commission of payments (SWIFT) the Russian equivalent.
About how to use the “Mastercam” for the transmission of financial information in the territory of the Eurasian economic Union (EAEC), the Central Bank of Russia said in April. According to first Deputy Chairman of the Central Bank Olga Skorobogatova blockchain platform is considered in the context of a larger study on how technology can create supranational infrastructure for payments between the two countries.
“Mastercam” was developed by the Association for the development of financial technology (“FINTECH”), in cooperation with the 14 largest Russian banks. Mass commercial use of the platform is planned for 2019. According to the Whitepaper project, the system will combine both banks and state organizations responsible for registration of contracts and market regulation. As stated by “FINTECH”, application “Mastercam” to handle mortgage contracts to reduce operating costs by 5 times, and the period of the transaction changes from several days to several minutes.
“FINTECH” is going to implement the principle “know your customer” (KYC) to make a simplified identification of legal entities and individuals. And no disclosure of the client base and important confidential information will not occur. Banks can share credit reports and information on cases of fraud without any risk. The system also will provide a Bank guarantee and letters of credit.
However, analysts believe that the main purpose of Masterchain project remains the replacement of the SWIFT system. The decision to create a similar financial system was made in Russia in 2014, when the U.S. and the European Union has imposed sanctions on the country. Then I started experimenting with the development of alternatives.
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