Alfa-Bank, Russia’s largest Commercial Bank, on boards to HashCash Network to set up a Domestic Payment Ecosystem
MOSCOW (PRWEB) January 10, 2018 -- When it comes to Blockchain Technology, Alfa-Bank, the largest commercial bank in Russia is no amateur. Amidst a wave of Blockchain initiatives conducted by Alfa Bank last year, comes the news of collaboration with HashCash Consultants.
This collaboration involves creating a payment router and clearing house where all transactions are sent to Alfa-Bank on Blockchain. Alfa-Bank clears among the Loro accounts of the transacting parties and forwards the transaction to the receiving bank in real-time. It also creates a repository of supporting documents for all transactions.
“The implementation for Alfa-Bank creates a clearing house solution that combines the liquidity efficiency of a netting system and the intra-day finality of a RTGS. The result is a safe, secure, reliable, fast and final payment system for all transacting parties,” said Raj Chowdhury, Managing Director of HashCash Consultants who had earlier been a bank executive handling payment technologies using Blockchain.
HashCash operates one of the largest Blockchain network used by Banks, Currency exchanges, Corporations, payment networks and FinTech companies in 26 countries.
While cross border retail remittance for Bank customers is one of the major use case, HashCash products are also used by organizations for corporate payments, wage and salary disbursements, clearing house payment systems or for creating domestic payment and settlement networks.
HashCash products function on Open Source Blockchain, HC NET which can use fiat currencies for settlement. The network’s universal settlement asset HCX is optionally used by enterprises.
HashCash’s Bank friendly Blockchain network offers complete transaction privacy for counter parties of the transaction where even HashCash, the company managing the network has no visibility of any of the attributes of the transaction occurring on the network.
Last year Alfa-Bank teamed up with Russian airlines, S7 for Blockchain based flight ticket payments. It also conducted Russia’s first Blockchain Payment in collaboration with Sberbank.
The partnership with HashCash demonstrates yet again Alfa-Bank’s consistent flair in the Blockchain space.
Anzhelika Mikhailov, Commercial Concern, +1 8647294342, [email protected]
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