It's blockchain time at RosEvroBank

It’s blockchain time at RosEvroBank

RosEvroBank, a top-50 bank in Russia, has created a prototype of a blockchain-based system that enables remote verification of customers for other financial institutions.

The decentralised system – built on the Microsoft’s Ethereum Consortium Blockchain infrastructure (part of Azure Blockchain as a Service) – will enable customers use products and services of other banks without having to visit their offices, RosEvroBank says.

A user can request a product or service of a bank he/she is not a customer of via an app/portal – and that bank will be able to remotely verify this person’s identity via the blockchain platform.

This enables customers to access a broad spectrum of financial services using just one portal, the bank explains. However, for the platform to work, it requires participating banks and FIs to have open APIs for their products and services.

The new system will be piloted in Q1 this year.

“This is the first step to create an alternative decentralised system of interbank information exchange based on innovative technologies,” states Alexander Vasiliev, Rosevrobank’s deputy director, innovations, IT department.

“This system will have all the advantages blockchain offers: transparency, efficiency, failover and security.

“We have already invited other banks interested to take part in the pilot.”

Following the trials, there are plans to commercialise the new platform.