Alliance Adds SmartMoney to Bank Mix

Ukraine-based FinTech firm Attic Lab has signed a deal to integrate SmartMoney, its blockchain based digital system, into its second local banking system.

The new deal is with Alliance Bank, following its first project with Kiev-based Alpari Bank, which was announced at the beginning of this year.

Both projects are similar in nature: to build an infrastructure for e-money processing in compliance with the national payment system of Ukraine, Prostir. The functionality includes person-to-person (P2P) transfers between mobile wallets, smart contracts, trustless escrow, and joint management of accounts.

“Alliance Bank has become not just our client, but a partner and a fellow thinker in building the financial system of tomorrow,” said Sergey Vasylchuk, CEO of Attic Lab, in a statement. “Sources, libraries and APIs will all be open. We plan a sandbox and prizes for the best applications based on electronic crypto-hryvnias [UAH, the currency of Ukraine]”.

Attic Lab was formed in early 2016. Its flagship SmartMoney offering was unveiled later that year and touted a “fully-fledged alternative” to systems like Visa and MasterCard by the vendor. The system is open source and free.

Pavel Kravchenko, co-founder of Attic Lab, said the company is seeking additional international partners.