Raiffeisen Bank To Employ Blockchain Platform For Corporate Settlements

by | Jun 1, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

A Russian subsidiary of Austria’s Raiffeisen Bank International (RBI), Raiffeisen bank develops a corporate blockchain platform targetted at holding firms, as announced by the bank in a press release on May 31.

The release claims that the new blockchain platform could automate settlements by corporate clients, enabling a trusted network for sharing data between a group of companies. So basically, the product will reportedly automate the supply settlements process between buyers and suppliers, along with providing tools for financial management.

Raiffeisen bank has reportedly developed the product at the request of Askona Life Group, a major local sleep products manufacturer. The product will be available for the bank’s other corporate clients.

An investment manager at Askona Life Group, Evgeniy Kirillov claimed that Raiffeisen bank’s blockchain product will allow the company to reduce labor costs by more than 40%, moreover, it will purportedly reduce human error risks to zero.

Raiffeisen bank has previously partnered with Russian government-owned oil giant Gazprom Neft to issue a bank guarantee on blockchain. It’s Austrian parent company RBI also recently announced a blockchain trade finance pilot based on blockchain consortium R3’s Corda enterprise blockchain platform Marco Polo. The platform counts major global banking institutions, including BNP Paribas, ING and Sumitomo Mitsui Banking Corporation, among those using its services.

Read more: Brazil Formulates A Committee To Decide Over Cryptocurrency Regulation

Image Source – Pixabay.com

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