Alfa-Bank and X5 Retail Group Utilize Waves Blockchain To Release Bank-as-a-Service Platform
Alfa-Bank has recently started a partnership with the X5 Retail Group in order to launch a new blockchain-based platform that will be used for liquidity. This new platform is going to be called Distributed Treasury and Cash Management (DTCM) and its main goal will be to enable the bank to let clients manage payments, deposits and loans with a liquidity pool.
This new service is being marketed as a bridge between corporations and the Bank-as-a-Service (BaaS) of the company.
Denis Dodon, the director of innovation and development of the institution, affirmed that the main difference between the company’s product and what other companies are offering right now is that they do not only give clients a channel to send orders but help them to completely change the logic of how the process works.
The new model is expected to give window for more customization. With the Waves blockchain, they can employ smart contracts and use the technology for a diversity of situations.
Svetlana Demyashkevich, the CFO of the X5 Retail Group, has recently affirmed that the partnership will be the benchmark for future interactions between clients and banks and that the Alfa-Bank has made a huge step forward.
She also affirmed that her company is set to use the new technology to optimize how the process of trading is done. With the help of this technology, communication and payments will be considerably simpler. Among other benefits shown by the CFO were the unified treasury application provided by the bank and how improved data management can be used to cut risks and costs.