Gazprom Neft confirmed compliance of the MasterChain platform to requirements for work with bank guarantees

2020: Tests of the MasterChain platform

Service for work with digital bank guarantees on the platform the MasterChain from Association of Financial That passed tests in PJSC Gazprom Neft. The corporation is going to begin its industrial use until the end of 2020. On May 26, 2020 the Association reported about it.

In May Gazprom Neft confirmed compliance of the platform the MasterChain technical and to business requirements of the company. Use will simplify the MasterChain and will make more transparent work with bank guarantees for Gazprom Neft.

The Digital Bank Guarantees service developed by Association of Financial That on the platform the MasterChain allows to lower costs of participants of transactions of trade financing. It is possible at the expense of an exception of paper document flow and use of smart contracts. Transactions in the MasterChain take place in real time. Besides, the technology of the distributed register excludes a possibility of carrying out fraudulent transactions which can arise in the course of paper document flow.

MasterChain – the blockchain platform certified in Russia which received the positive decision of FSB. The MasterChain gives to participants of financial market additional guarantees of safety of commission of transactions and data exchange. The operator of the platform the MasterChain is the Financial Technical Association.

Digital bank guarantees – one of services on the MasterChain which we will offer the market for simplification of transactions of trade financing. In addition to Gazprom Neft participating banks of Association which will shortly issue guarantees in a digital form on the platform the MasterChain are connected to service, told the CEO of Association of Financial That Tatyana Zharkova.

In work with bank guarantees the speed and reliability are important for us. In the MasterChain these requirements are reached by use of the digital bank guarantee, technology of the distributed registers and due to involvement of banks guarantors on the platform. Also the platform simplifies work on consolidation of information on the obtained guarantees in the Gazprom Neft group and also excludes need of their repeated check because the MasterChain creates and guarantees the entrusted environment, emphasized the program manager of digital transformation of the Economy and Finance block Gazprom Neft Sergey Ryabov.