Blockchain Firm HashCash Teams With Alfa-Bank On Clearing House Solution

Announcements, Blockchain, Innovation | January 16, 2018 By:

Alfa-Bank has teamed with with blockchain firm HashCash Consultants to create a payment network within Russia and neighboring countries.

Alfa-Bank, the corporate treasury of the Alfa Group, is the largest private commercial bank in Russia. It was founded by Russian businessman Mikhail Fridman, who is still the controlling owner. It operates in seven countries, providing financial services to over 40,000 active corporate customers and 5.3 million retail clients. The bank is particularly active in Russia and Ukraine, ranking among the top 10 largest banks in terms of capital in both countries.

HashCash enables enterprises to move assets and settle payments across borders in real-time using blockchain technology. FinTech and financial companies use its open source blockchain HC Network for retail remittances, corporate payments, trade finance and payment processing. It has a presence in 26 countries.

The partnership will focus on creating a payment router and clearing house where all transactions are sent to Alfa-Bank on blockchain. The solution will leverage HashCash’s HC Network. The platform will allow Alfa-Bank to clear the accounts of 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 (real-time gross settlement),” said said Raj Chowdhury, Managing Director of HashCash Consultants. “The result is a safe, secure, reliable, fast and final payment system for all transacting parties.”

Last year, Alfa-Bank, along with Russian S7 Airlines, launched a ticket sales solution based on ethereum. The bank also conducted Russia’s first blockchain payment in collaboration with Sberbank.