Alpari Bank and Attic Lab embark on blockchain-based e-money project
A Ukrainian fintech start-up, Attic Lab, has signed a deal with a local bank, Alpari Bank, to implement SmartMoney, a blockchain-based banking system.
The two parties will build an infrastructure for e-money processing, in compliance with the national payment system Prostir.
“We believe that this open-source banking software will significantly reduce total cost of ownership of banking IT infrastructure, increase security and transparency of banking operations and provide an ability to offer new functionality to the bank’s customers,” say Oleg Krasnoshchok, Alpari Bank’s chairman of the board, and Sergiy Vasylchuk, CEO of Attic Lab, in a joint statement.
The functionality includes person-to-person (P2P) transfers between mobile wallets, smart contracts, trustless escrow, and joint management of accounts.
Alpari Bank and Attic Lab are also currently building a decentralised payments network that will involve other banks in Ukraine. Krasnoshchok and Vasylchuk explain that this will create an ecosystem of partners that will offer lower cost of services for their customers, compared to costs of using the incumbent banking technology.