Alfa-Financial institution, one of many largest personal industrial banks in Russia, is exploring blockchain expertise in its companies for freelan
Alfa-Financial institution, one of many largest personal industrial banks in Russia, is exploring blockchain expertise in its companies for freelancers.
In response to a Dec. 1 announcement, Alfa-Financial institution will use blockchain-based functions to automate companies for freelancers and self-employed staff. Based mostly on Waves Enterprise’s blockchain platform, Alfa-Financial institution’s new service covers the complete means of registration and remuneration for self-employed people, together with funds settlement, earnings registration and tax funds.
Denis Dodon, director of Alfa-Financial institution’s analysis and growth middle, instructed Cointelegraph that the brand new blockchain-based service allows freelancers to get direct remuneration by way of any financial institution:
“DLT and embedded sensible contracts with an end-to-end integration into the banking core settlements and clearings system permits to impact computerized formation of fee directions […] with direct transmission of fee directions by way of DLT to playing cards and financial institution accounts of self-employed in any financial institution.”
The brand new service includes two functions together with the enterprise-focused “Alfa.Company” and “My Revenue” platform for people. Igor Kuzmichev, chief industrial officer on the Waves Enterprise, mentioned that Waves Enterprise’s blockchain expertise gives a safe information trade between the financial institution and a enterprise in addition to clear and immutable information storage.
Kuzmichev famous that Waves Enterprise is appearing as a major instrument for the financial institution’s so-called “Financial institution-as-a-Service” method:
“Because of blockchain core options — information transparency and immutability — new financial institution companies can now be developed at buyer’ aspect however not within the core banking system setting. This method considerably boosts time-to-market and brings new builders into the fintech ecosystem.”
Kuzmichev mentioned that the brand new service’s target market consists of self-employed staff similar to taxi drivers, cleansing and restore companies, tutors, and others.
Alfa-Financial institution has emerged as one of the blockchain-friendly banks in Russia. In early November 2020, Alfa-Financial institution grew to become the primary Russian financial institution to affix Contour, a DLT platform connecting the world’s monetary giants like HSBC, ING and Citi.