Ak Bars Bank issued Rostelecom a digital guarantee on the Masterchain platform

2021: Providing Rostelecom with a digital guarantee on the Masterchain platform

Ak Bars Bank issued Rostelecom a digital guarantee on the MasterChain platform. This became known on January 10, 2021.

Among the advantages of digital technology is that placing data in a distributed registry eliminates the risks of fraud with bank guarantees - it is almost impossible to fake or lose a document in a closed blockchain network.

Ak Bars Bank issued a digital bank guarantee in favor of our long-time partner, Rostelecom, thereby ensuring the execution of the state contract within the framework of 223-FZ. Digital bank guarantees allow you to accelerate the processes of obtaining guarantees by the beneficiary, as well as reduce the paper flow, which corresponds to the goals of our bank in the field of sustainable development, "said Olga Yasonova, head of the Ak Bars Bank corporate business unit.

The introduction of technologies is always very practical - they allow you to optimize operating costs and get market features. Electronic bank guarantees will make it possible to abandon paper document circulation, significantly reduce the time for providing guarantees and simplify the verification procedure, "said Sergey Anokhin, senior vice president and financial director of Rostelecom PJSC.

Blockchain technology increases the attractiveness of guarantee banking tools in the corporate business. Beneficiaries no longer need to spend time and resources asking banks to confirm the authenticity of the guarantees issued. The process of checking guarantees is automatic, and you can electronically manage the guarantee cycle^[1]

2019: Mortgage transaction with electronic mortgage on Masterchain

On February 7, 2019, the Fintech Association (AFT) announced that Ak Bars Bank conducted a mortgage transaction with an electronic mortgage on the MasterChain national blockchain platform. The Bank joined the FinTech Association (AFT) Electronic Mortgage Accounting project, which is implemented thanks to the close cooperation of the Bank of Russia and the Association's member banks.

Until recently, such transactions were carried out manually using paper documents. The decentralized depository system (DDS) on the Masterchain platform allows you to automate the process of storing and registering an electronic mortgage, making it seamless. According to experts, the use of DDS will reduce the operating costs of depositories by 30-80%.

The public part of the information - data on the mortgage holder, storage depository, accounting depository and registration date - is recorded in the blockchain. Using this technology reduces the vulnerability of the system and allows you to restore file integrity if necessary.

It was important for us to make the mortgage process as convenient as possible. Ak Bars Bank participated in testing the project at all stages of its preparation. We analyzed the functionality of the system, offered recommendations for its improvement and assessed the process of integrating the project into the bank's internal systems. Switching to electronic mortgage accounting will help significantly reduce time and transaction costs.

For bank customers, the transition to electronic document management is also beneficial - it will significantly reduce the period for receiving documents. If the process of issuing a mortgage in paper form takes up to 10 days, then it is possible to receive an electronic document within three days.

Ak Bars Bank uses a progressive approach to doing business and applies advanced technologies. The bank was one of the first to successfully conduct a pilot mortgage deal with an electronic mortgage on the MasterChain platform. Now other members of the Association will be able to connect to this case on Masterchain and optimize their business processes. The use of cases at Masterchain stimulates competition in the banking sector and contributes to the sustainable development of the fintech industry.

2018: Pilot transactions for issuing digital bank guarantees based on Masterchain

The FinTech Association (AFT) on December 27, 2018 informed TAdviser about the implementation of the Digital Bank Guarantees (CBG) project on the basis of the Masterchain blockchain platform, created by AFT together with the Bank of Russia and key participants in the financial market. The initiator of the project within the framework of AFT was VTB Bank.

Raiffeisen Bank, together with Ak Bars Bank, as well as VTB Bank, conducted a number of pilot transactions using the CBG system installed at bank nodes. More details here.

2017: Distributed Registry Bank KYC Exchange Project

Project term: July 2016 to February 2017.

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