Sber ensured the security of the first deal on the digital platform REO

2024: Smart Contracts Tool Application

With the support of Sberbank, the first transaction using a smart contract tool took place on the electronic trading platform for the purchase and sale of secondary material resources of the Russian environmental operator. The Secure Deal service, developed by Sberbank, allows you to hold funds until the lot is sold, guaranteeing the security of the deal for both the seller and the buyer. Sberbank announced this on March 12, 2024.

The buyer and seller in this pilot transaction were LOSKUTPROM and Ecomir. The manufacturer of finished textiles, including rags, acquired used clothes, the collection and processing of which is carried out by Ecomir.

{{quote 'author = said Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank. | Thanks to the Sberbank service, which is based on the technology of smart contracts, the transparency of calculations is ensured and their security is guaranteed for both parties. The buyer's funds first go to the nominal account and are frozen, and are credited to the seller's account only after confirmation from the REO platform. This process 100% weeds out unscrupulous counterparties and increases the confidence of market participants in each other, }}

{{quote 'author = noted Denis Butsaev, CEO of REO. | Together with Sberbank, we agreed to create a special module on a digital platform for trading in recyclables. The Safe Deal project is being implemented with Sberbank. The principle of operation is the same as that of escrow accounts. Until the counterparty fulfills its obligations, the funds will be stored in the bank. ETP is designed to become a convenient tool of circular economy for all players in our industry, as well as related areas,}}

REO created an electronic trading platform for the purchase and sale of secondary material resources in September 2022. To receive the service, you need to fill out a questionnaire in your personal account and pass verification.