Russia’s Alfa-Bank offers blockchain platform for freelancers

Alfa-Financial institution, one of many largest personal industrial banks in Russia, is exploring blockchain expertise in its providers for freelancers.

In accordance with a Dec. 1 announcement, Alfa-Financial institution will use blockchain-based functions to automate providers for freelancers and self-employed staff. Primarily based on Waves Enterprise’s blockchain platform, Alfa-Financial institution’s new service covers all the strategy of registration and remuneration for self-employed people, together with funds settlement, earnings registration and tax funds.

Denis Dodon, director of Alfa-Financial institution’s analysis and growth middle, instructed Cointelegraph that the brand new blockchain-based service allows freelancers to get direct remuneration through any financial institution:

“DLT and embedded sensible contracts with an end-to-end integration into the banking core settlements and clearings system permits to impact computerized formation of cost directions […] with direct transmission of cost directions through DLT to playing cards and financial institution accounts of self-employed in any financial institution.”

The brand new service contains two functions together with the enterprise-focused “Alfa.Company” and “My Revenue” platform for people. Igor Kuzmichev, chief industrial officer on the Waves Enterprise, mentioned that Waves Enterprise’s blockchain expertise supplies a safe knowledge change between the financial institution and a enterprise in addition to clear and immutable knowledge storage.

Kuzmichev famous that Waves Enterprise is appearing as a major device for the financial institution’s so-called “Financial institution-as-a-Service” method:

“Because of blockchain core options — knowledge transparency and immutability — new financial institution providers can now be developed at buyer’ facet however not within the core banking system surroundings. This method considerably boosts time-to-market and brings new builders into the fintech ecosystem.”

Kuzmichev mentioned that the brand new service’s audience contains self-employed staff comparable to taxi drivers, cleansing and restore providers, tutors, and others.

Alfa-Financial institution has emerged as probably the most blockchain-friendly banks in Russia. In early November 2020, Alfa-Financial institution turned the primary Russian financial institution to affix Contour, a DLT platform connecting the world’s monetary giants like HSBC, ING and Citi.