Raiffeisenbank To Introduce A Corporate Blockchain Platform

According to recently published reports, Raiffeisenbank, which is a Russian subsidiary of Austria’s Raiffeisen Bank International (RBI), has developed a corporate blockchain platform. This information was announced by way of an official press release on May 31. This new blockchain platform will be targeting holding firms and is supposed to focus on automating settlements by corporate clients and enabling a trusted network for sharing data between a group of companies.

Specifically, the product reportedly automates the process of supply settlements between buyers and suppliers, as well as providing tools for financial management. With the growing popularity of blockchain and related technology, it is only natural that more and more banks are utilizing them in order to simplify their services.

Reports say that this product was being developed by the bank at the request of major local sleep products manufacturer Askona Life Group. The new blockchain platform, is however to be is available for the bank’s other corporate clients.

Evgeniy Kirillov, investment manager at Askona Life Group, claimed that Raiffeisenbank’s blockchain product allowed the company to reduce labor costs by more than 40%, as well as to reduce human error risks to zero.

Previously, Raiffeisenbank had partnered with Russian government-owned oil giant Gazprom Neft to issue a bank guarantee on blockchain.

Raiffeisenbank’s Austrian parent company RBI had 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.