Alfa Bank Launches Liquidity Management System on Waves Blockchain Platform

Alfa-Bank, one of the largest Russian banks, together with X5 Retail Group launched a service for managing payments, financial products and liquidity based on the Waves Enterprise platform.

One of the largest Russian banks, Alfa Bank, together with X5 Retail Group, launched a service for managing payments, financial products and liquidity based on the Waves Enterprise platform.

The system is called Distributed Treasury and Cash Management (DTCM) and will allow corporate customers of the bank to quickly and better manage various financial transactions within the holding. DTCM is called the “bridge to the transition to a service model of interaction with the bank (BaaS).”

“The key difference between DTCM and other offers on the market is that we give the client not a channel for sending orders to the bank, but a way to independently determine the business logic of the product and actually“ create a bank ”convenient for the client,” said the director of the Search Center and Alfa Bank’s innovation development Denis Dodon.

The blockchain system allows the bank’s customers to maximize the necessary banking services for themselves. DTCM is launched on the Waves Enterprise platform and provides Alfa-Bank corporate clients with open-bank services, smart contracts, a full-fledged API and blockchain capabilities.

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“The experience gained together with Alfa Bank and Waves Enterprise defines for us a new milestone in working with banks when we can get a single treasury application, improve data management, reduce costs and operational risks,” said Svetlana Demyashkevich, chief financial officer of X5 Retail Group.

She also stressed that the X5 Retail Group plans to increase the use of blockchain to optimize processes and interact with partners.

In February of this year, Alfa-Bank and the developer of cloud services for the housing and communal services market “Kvartplata 24” launched a service for accounting and distribution of utility bills based on the blockchain consortium platform R3 Corda.