Ak Bars Bank was connected to a depository system of accounting of electronic mortgage mortgages on a blockchain

2020: Start of DDS in operation

On February 12, 2020 AK BARS Bank reported that they together with Association of Financial That and other participants of financial market brought into commercial operation the decentralized depository system (DDS) for accounting of electronic mortgage mortgages on blockchain technology.

The DDS system is implemented using technology of the distributed registers and GOST cryptography on the Russian MasterChain blockchain platform. The platform conforms to requirements for information security and has the appropriate certificate of FSB.

The automated information exchange between participants of the decentralized depository system, internal systems of bank and Rosreestr will allow to reach the high speed of the transaction. In the long term our clients will be able to file documents remotely to Rosreestr from bank department and to register the property right in one day, commented the development director of retail products on the Ak Bars of Bank Alexander Pronyagin

Start of commercial operation of the platform the MasterChain is strategically significant event for the Russian financial market, in particular, of the bank industry. The MasterChain is the Russia's first certified blockchain platform conforming to all requirements of information security and guaranteeing the reliable and protected exchange of financial messages. Key benefit of DDS on the platform the MasterChain for accounting of electronic mortgages is cost optimization both for banks and depositaries, and for clients: borrowers will be able to make out and register pledge on a mortgage nearly 10 times faster — in only 1 day. The created infrastructure and technology is serious assets for the market, including for implementation of the national program "Digital economy of Russia' regarding development of end-to-end technology of the distributed registers, noted the managing director of Association of Financial That Tatyana Zharkova

Carried out the first mortgage transaction with electronic mortgage Ak Bars Bank in February, 2019. The mortgage was issued on one of the smallest apartments in Russia of 12.6 sq.m.