Gazprombank transfers mortgage issue to Masterchain blockchain platform

2021: Transfer of mortgage issue to Masterchain blockchain platform

Gazprombank on June 29, 2021 announced the transfer of mortgage issuance to the Masterchain blockchain platform as part of a project to digitalize mortgage transactions. The security is an analogue of the paper mortgage and is taken into account in the Decentralized Depository System (DDS), created on the basis of the Russian national blockchain platform Masterchain. Using this platform allows you to transfer the process of issuing mortgage mortgages to electronic form and reduce the time for their issuance from nine days to one, as well as reduce the costs of these operations.

Gazprombank plans to expand its participation in the Digital Mortgage project and increase the share of electronic mortgages, which will help reduce the time for registering real estate transactions, simplify work with mortgages and transfer the mortgage lending market to electronic format. Digital Mortgage is a project of the Bank of Russia, the Ministry of Finance, Rosreestr, the FinTech Association and market participants, which involves the registration of mortgage mortgages in digital form. The project is being implemented on the Masterchain blockchain platform.

"Mortgage lending is one of the key areas of Gazprombank's retail business, according to which only positive dynamics are observed year by year. We focus on the development of digital mortgages, and the release of electronic mortgages is another important step towards servicing borrowers online. The introduction of a service for electronic mortgage registration will make the acquisition of real estate even faster and more convenient, "commented Alexey Popovich, First Vice President, member of the Board of Gazprombank.

"We see a great interest of market participants in the DDS service on the Masterchain platform. The first Masterchain blockchain platform certified in Russia ensures the fulfillment of all information security requirements, allows you to abandon paper document circulation and perform legally significant actions in electronic form. All this creates the basis for the launch of the innovative Digital Mortgage service, which our association is working on together with the participants, "said Tatyana Zharkova, general director of the FinTech Association.