Russia’s Alfa-Financial institution affords blockchain platform for freelancers

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

In line with a Dec. 1 announcement, Alfa-Financial institution will use blockchain-based purposes to automate providers for freelancers and self-employed staff. Primarily based on Waves Enterprise’s blockchain platform, Alfa-Financial institution’s new service covers your complete means of registration and remuneration for self-employed people, together with funds settlement, revenue registration and tax funds.

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

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

The brand new service contains two purposes together with the enterprise-focused “Alfa.Company” and “My Earnings” platform for people. Igor Kuzmichev, chief industrial officer on the Waves Enterprise, stated that Waves Enterprise’s blockchain know-how offers a safe information alternate between the financial institution and a enterprise in addition to clear and immutable information storage.

Kuzmichev famous that Waves Enterprise is appearing as a main software for the financial institution’s so-called “Bank-as-a-Service” approach:

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

Kuzmichev stated that the brand new service’s target market contains self-employed staff resembling taxi drivers, cleansing and restore providers, tutors, and others.

Alfa-Financial institution has emerged as one of the crucial blockchain-friendly banks in Russia. In early November 2020, Alfa-Financial institution turned the first Russian bank to join Contour, a DLT platform connecting the world’s monetary giants like HSBC, ING and Citi.